By Laura Lutz
Des Moines, May 25 - BioSante Pharmaceuticals, Inc. arranged a private placement of stock for $16,529,994.
The company sold 2,754,999 common shares at $6.00 each.
The investors will also receive warrants for 688,750 shares. The warrants are exercisable at $8.00 per share for three years beginning six months after issuance.
Rodman & Renshaw, LLC is the lead agent with Oppenheimer & Co. Inc. as co-agent.
Proceeds will be used to expand the company's phase 3 clinical program for its LibiGel product.
The offer is expected to settle upon approval of an additional listing application with the American Stock Exchange.
BioSante is a biotechnology company focused on hormone therapies.
| Issuer: | BioSante Pharmaceuticals, Inc.
|
| Issue: | Shares
|
| Amount: | $16,529,994
|
| Shares: | 2,754,999
|
| Price: | $6.00
|
| Warrants: | For 688,750 shares
|
| Warrant expiration: | Three years beginning six months after issuance
|
| Warrant strike price: | $8.00
|
| Agents: | Rodman & Renshaw, LLC (lead), Oppenheimer & Co. Inc.
|
| Pricing date: | May 25
|
| Stock symbol: | Amex: BPA
|
| Stock price: | $6.50 at close May 25
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
