Rodman & Renshaw assists in raising funds for clinical study program
By Devika Patel
Knoxville, Tenn., March 4 - BioSante Pharmaceuticals, Inc. will conduct a registered direct offering of units, according to a prospectus supplement filed Friday with the Securities and Exchange Commission. The deal will raise $25.15 million through agent Rodman & Renshaw, LLC.
The company will sell 12,199,482 units of one common share and a warrant for 0.33 shares at $2.0613 per unit. The whole warrants are exercisable at $2.25 for five years. The strike price is a 4.65% premium to the March 3 closing share price of $2.15.
Settlement is expected March 8.
Proceeds will be used for general corporate purposes, including continuing to fund BioSante's LibiGel Phase III clinical study program.
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 warrant for 0.33 shares
|
| Amount: | $25,146,792
|
| Units: | 12,199,482
|
| Price: | $2.0613
|
| Warrants: | One warrant for 0.33 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.25
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | March 4
|
| Settlement date: | March 8
|
| Stock symbol: | Nasdaq: BPAX
|
| Stock price: | $2.15 at close March 3
|
| Market capitalization: | $141.68 million
|
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