By Sheri Kasprzak
New York, Aug. 7 - Callisto Pharmaceuticals, Inc. completed a private placement of series B convertible preferred stock for $11,245,500.
The company sold 1,124,550 shares of the preferreds at $10.00 each to a group of investors led by RAB Special Situations (Master) Fund Ltd. and Absolute Octane Master Fund Ltd.
The preferreds are convertible into common shares at $0.50 each.
The investors also received warrants for 22.491 million shares, exercisable at $0.70 each for three years.
Proceeds will be used for clinical development of the company's Atripimod, for low- to intermediate-grade neuroendocrine carcinoma, and L-Annamcyin, for children with relapsed or refractory acute leukemia, as well as for the development of Guanilib, the company's product for gastrointestinal diseases.
Callisto, located in New York, develops drugs to treat cancer and gastrointestinal diseases.
| Issuer: | Callisto Pharmaceuticals, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $11,245,500
|
| Shares: | 1,124,550
|
| Price: | $10.00
|
| Conversion price: | $0.50
|
| Warrants: | For 22.491 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.70
|
| Investors: | RAB Special Situations (Master) Fund Ltd. and Absolute Octane Master Fund Ltd. (lead)
|
| Settlement date: | Aug. 7
|
| Stock symbol: | Amex: KAL
|
| Stock price: | $0.72 at close Aug. 6
|
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