Acadia gets $60 million; EPIX arranges $50 million; RoomLinX, Admiralty advance funding efforts

By Devika Patel

Knoxville, Tenn., Aug. 5 - Kingsbridge Capital Ltd. arranged committed equity financing facilities with two biopharmaceutical companies, Acadia Pharmaceuticals Inc. for $60 million and EPIX Pharmaceuticals, Inc. for $50 million, on substantially similar terms.

Meanwhile, RoomLinX, Inc. revealed plans for a $2.5 million private placement of convertible preferred stock, causing the company's shares to soar more than 30% on Tuesday.

And Admiralty Resources NL sold A$1.94 million of its convertible notes through agent Lodge Corporate Pty. Ltd.

Acadia sees $60 million

Acadia Pharmaceuticals said it has arranged a $60 million equity financing facility agreement with Kingsbridge Capital.

Acadia now has access to up to $60 million in capital from Kingsbridge over three years through the sale of newly issued common shares.

The number of shares sold may not exceed approximately 7 million shares.

Acadia may access capital in tranches up to a maximum of between 2% and 3.5% of its market capitalization at the time of the drawdown of each tranche, subject to certain conditions, including a minimum share price threshold.

Kingsbridge may purchase shares at discounts ranging from 6% to 12%, depending on the average market price of Acadia's common stock during the applicable pricing period.

Kingsbridge also received a warrant for 350,000 shares. The warrant is exercisable at a 25% premium to the average closing price of Acadia's common stock for the five days preceding the signing of the agreement.

"The new committed equity financing facility with Kingsbridge provides us with added financial flexibility and strength as we move forward with a portfolio of our most advanced product candidates, including pimavanserin, which is currently in phase 3 for the treatment of Parkinson's disease psychosis," Acadia vice president and chief financial officer Thomas H. Aasen said in a press release.

"Our ability to choose if, and when, to access funds under this facility, provides us with flexibility and the potential to minimize dilution for our stockholders."

The San Diego-based biopharmaceutical company's shares (Nasdaq: ACAD) dropped 4.98%, or 14 cents, on Tuesday to close at $2.67.

EPIX raises $50 million

Lexington, Mass.-based EPIX arranged a committed equity financing facility with Kingsbridge as well, for $50 million.

The biopharmaceutical company's shares (Nasdaq: EPIX) sank 0.5%, or 1 cent, to close at $2.01 on Tuesday.

The three-year commitment obligates Kingsbridge to purchase the lesser of 8.3 million shares or $50 million of common stock from EPIX.

EPIX may access capital in tranches of up to 1.5% of its market capitalization at the time of the drawdown.

Alternatively, based upon the company's prior 30-day trading volume, EPIX may have the ability to increase each drawdown to up to 3% of its market capitalization from 1.5% at the time of the drawdown.

Kingsbridge will buy common shares at discounts ranging from 6% to 12%, depending on the volume-weighted average market price of the common stock during the eight-day pricing period, provided that the minimum acceptable purchase price for any shares to be issued to Kingsbridge during the eight-day period is determined by the higher of $1.25 or 90% of EPIX's common stock closing price the day before the start of each drawdown.

Kingsbridge also received a warrant for 400,000 shares. The warrant is exercisable at $2.49 for five years.

"This financing facility should provide EPIX with additional access to capital as we continue to execute our Vasovist monetization and clinical development strategies," EPIX chief financial officer Kim C. Drapkin said in a press release. "Based upon the agreement's flexible terms, we will be able to draw down capital to efficiently support our corporate and clinical initiatives."

"We have recently resubmitted our new drug application for Vasovist, initiated our phase 2b proof-of-concept program for PRX-03140 for the treatment of Alzheimer's disease and expect to commence our phase 2b trial for PRX-08066 for the treatment of pulmonary hypertension associated with chronic obstructive pulmonary disease," Drapkin continued. "We believe these recent and upcoming milestones illustrate our strong focus on building value through the development of our broad clinical pipeline."

RoomLinX raises $2.5 million

RoomLinX said it will take in $2.5 million by selling shares of its convertible preferred stock.

Its shares (Pink Sheets: RMLX) jumped 31.36% on Tuesday, or $0.0069, to close at $0.0289.

The 6% preferreds were sold at $2,500 apiece and are convertible at $0.025 per share.

Each investor also received series C-1 warrants for 200 series C preferreds, exercisable at $4,000, and series C-2 warrants for 200 series C preferreds, exercisable at $6,000. Both types of warrants are exercisable for three years.

Proceeds will be used primarily to increase RoomLinX's footprint of its interactive, in-room media, entertainment & business solution within the hospitality, resort, and timeshare industries.

"This investment substantiates what we have been hearing from experts in the hospitality technology arena namely, that RoomLinX offers the technology of the future. It's an evolutionary system that reinvents itself based on market and demographic demands. More importantly, we have a tremendous opportunity in front of us to be the leader in this space," RoomLinX chief executive officer Michael Wasik, said in a release.

As part of the transaction RoomLinX chairman Peter Bordes will transition from the board of directors to an advisory role and Herbert Hunt will resign from the board. Judson Just and Christopher Blisard will join the board.

Admiralty wraps A$1.94 million

Admiralty Resources sold A$1.94 million in convertible notes on Tuesday, with each note priced at A$1.00 apiece.

The notes are convertible into ordinary stock at A$0.175 per share.

Lodge Corporate Pty. Ltd. was the agent.

Proceeds will be used for accelerated growth, specifically providing working capital at its joint venture Cia Minera Santa Barbara to produce iron ore and the three shipments this month of approximately 100,000 tons.

"The placement of funds will allow Cia Minera Santa Barbara to continue to deliver on its milestones for its iron ore production while much larger debt facilities are being put into place to fund expansion of Cia Minera Santa Barbara to 4 million tonnes of iron ore per annum and the 2008/9 construction of the Cape Size port projects," the company's managing director, Phillip Thomas, said in a news release.

"We continue to make solid progress in the development of our majority held joint venture in Chile. The ground work laid by senior management this year will allow us to achieve the strategic objectives as previously outlined by the board in 2009," company chairman Ross Harper added in the release.

The mineral exploration company is based in Melbourne, Australia. Its shares (Australia: ADY) remained unchanged on Tuesday, closing at A$0.17.

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