By Sheri Kasprzak
New York, July 22 - Adventrx Pharmaceuticals, Inc. said it has received definitive agreements for its $20 million private placement.
The company sold 10,810,809 shares at $1.85 each to institutional investors led by Icahn Partners LP and Icahn Partners Master Fund LP.
The investors received warrants for 10,810,809 shares, exercisable at $2.26 each.
CIBC World Markets was the lead placement agent with RBC Capital Markets as the co-agent.
Proceeds from the deal will be used for clinical development of the company's CoFactor product. The remainder will be used for working capital.
Based in San Diego, Adventrx is a biopharmaceutical company focused on treatments for cancer and viruses.
| Issuer: | Adventrx Pharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $20 million
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| Shares: | 10,810,809
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| Price: | $1.85
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| Warrants: | For 10,810,809 shares
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| Warrant strike price: | $2.26
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| Placement agents: | CIBC World Markets (lead); RBC Capital Markets
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| Investors: | Icahn Partners LP and Icahn Partners Master Fund LP (co-leads)
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| Announcement date: | July 22
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| Stock price: | $2.25 at close July 21
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