Agent Rodman & Renshaw helps fund working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 17 - BioSante Pharmaceuticals Inc. will conduct a $3.48 million public offering of units, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 2,359,932 units of one common share and a half-share warrant at $1.4725 per unit. The whole warrants are exercisable at $1.50 for five years. The strike price is a 3.23% discount to the Aug. 16 closing share price of $1.55.
Rodman & Renshaw, LLC, the agent, will conduct the deal on a reasonable, best-efforts basis.
Settlement is expected Aug. 21.
Proceeds will be used for general corporate purposes and working capital.
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
|
| Amount: | $3,475,000
|
| Units: | 2,359,932
|
| Price: | $1.4725
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Agents: | Rodman & Renshaw, LLC
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 21
|
| Stock symbol: | Nasdaq: BPAX
|
| Stock price: | $1.55 at close Aug 16
|
| Market capitalization: | $29.09 million
|
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