Rodman & Renshaw assists in raising funds for clinical study program
By Devika Patel
Knoxville, Tenn., Dec. 28 - BioSante Pharmaceuticals, Inc. said it plans a registered direct offering of units. The deal will raise $18 million through agent Rodman & Renshaw, LLC.
The company will sell about 10.6 million units of one common share and a half-share warrant at $1.70 apiece. The whole warrants are exercisable at $2.00 for five years. The strike price is identical to the Dec. 27 closing share price.
Settlement is expected on Dec. 30.
Proceeds will be used for general corporate purposes, including continuing to fund BioSante's LibiGel phase 3 clinical study program, as well as to seek opportunities for its GVAX cancer vaccines and other technologies.
Based in Lincolnshire, Ill., BioSante is a biotechnology company focused on hormone therapies.
| Issuer: | BioSante Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a half-share warrant
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| Amount: | $18 million
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| Units: | 10.6 million (approximate)
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| Price: | $1.70
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Agent: | Rodman & Renshaw, LLC
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| Pricing date: | Dec. 28
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| Settlement date: | Dec. 30
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| Stock symbol: | Nasdaq: BPAX
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| Stock price: | $2.00 at close Dec. 27
|
| Market capitalization: | $118.18 million
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