By Sheri Kasprzak
New York, Oct. 27 - Callisto Pharmaceuticals, Inc. sealed a private placement of series A convertible preferred stock for $1.05 million.
The company sold 105,000 shares of the preferreds at $10.00 each.
The preferreds are convertible into 1.4 million common shares at $0.75 each.
The investors also received warrants for 1.4 million shares, exercisable at $0.75 each for five years.
Proceeds will be used to fund ongoing clinical development activities.
New York-based Callisto develops treatments for cancer and other serious diseases.
| Issuer: | Callisto Pharmaceuticals, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1.05 million
|
| Shares: | 105,000
|
| Price: | $10.00
|
| Conversion price: | $0.75
|
| Conversion ratio: | Into 1.4 million shares
|
| Warrants: | For 1.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Amex: KAL
|
| Stock price: | $0.88 at close Oct. 23
|
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