By Sheri Kasprzak
Atlanta, June 1 - Advanced Magnetics Inc. said it has completed a direct placement for $13.8 million.
The company sold 290,525 units at $47.50 each to Great Point Partners, LLC subsidiaries Biomedical Value Fund LP and Biomedical Offshore Value Fund Ltd. and to one of A-Fem's directors.
The units include five shares and one warrant for an additional share. The warrants are exercisable at $13.00 each.
Based in Cambridge, Mass., Advanced Magnetics develops superparamagnetic iron oxide nanoparticles used by the pharmaceutical industry. The proceeds will be used to fund clinical development programs. The remainder will be used for working capital.
| Issuer: | Advanced Magnetics Inc.
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| Issue: | Units of five shares and one warrant
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| Amount: | $13.8 million
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| Units: | 290,525
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| Price: | $47.50
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| Warrants: | For 290,525 shares (or one warrant per unit)
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| Warrant strike price: | $13.00
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| Investor: | Biomedical Value Fund LP and Biomedical Offshore Value Fund Ltd.
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| Settlement date: | June 1
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| Stock price: | $9.00 at close June 1
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