By Sheri Kasprzak
New York, April 9 - Advancis Pharmaceutical Corp. secured agreements for a $24,003,881 private placement.
The company plans to sell 10.155 million units at $2.36375 each.
The units consist of one share and one warrant for three-quarters of a share.
The full warrants are exercisable at $2.27 each for five years.
Pacific Growth Equities, LLC was the placement agent.
Proceeds will be used for the development of the company's Amoxicillin Pulsys product and for working capital and general corporate purposes.
Based in Germantown, Md., Advancis is a pharmaceutical company focused on developing antibiotics and other therapies.
| Issuer: | Advancis Pharmaceutical Corp.
|
| Issue: | Units of one share and one three-quarters share warrant
|
| Amount: | $24,003,881
|
| Units: | 10.155 million
|
| Price: | $2.36375
|
| Warrants: | One warrant for three-quarters of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.27
|
| Placement agent: | Pacific Growth Equities, LLC
|
| Announcement date: | April 9
|
| Stock symbol: | Nasdaq: AVNC
|
| Stock price: | $2.50 at close April 9
|
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