By Devika Patel
Knoxville, Tenn., Dec. 16 - BioSante Pharmaceuticals, Inc. said it negotiated a $25 million two-year committed equity financing facility with Kingsbridge Capital Ltd.
The company may sell up to 5.7 million shares to Kingsbridge at discounts ranging from 8% to 14%. There are no minimum commitments.
Kingsbridge received a warrant for 300,000 shares, exercisable at $4.00.
Based in Lincolnshire, Ill., BioSante is a biotechnology company focused on hormone therapies.
| Issuer: | BioSante Pharmaceuticals, Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $25 million
|
| Shares: | 5.7 million (maximum)
|
| Tenor: | Two years
|
| Price: | Discounts ranging from 8% to 14%
|
| Warrants: | For 300,000 shares
|
| Warrant strike price: | $4.00
|
| Investor: | Kingsbridge Capital Ltd.
|
| Settlement date: | Dec. 16
|
| Stock symbol: | Nasdaq: BPAX
|
| Stock price: | $1.46 at close Dec. 15
|
| Market capitalization: | $37.3 million
|
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