By Sheri Kasprzak
New York, Nov. 30 - Ceragenix Pharmaceuticals, Inc. said it completed a private placement of convertible promissory notes for $3.2 million.
The 10% notes were sold to four accredited investors.
The notes mature on Nov. 28, 2007 and are convertible into shares at $2.05 each.
The investors also received one warrant for every two shares issuable upon conversion of the notes. The warrants are exercisable at $2.255 each for five years.
Proceeds will be used for working capital.
Based in Denver, Ceragenix is a pharmaceutical company focused dermatological products and treatments for infections of the skin.
Issuer: | Ceragenix Pharmaceuticals, Inc.
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Issue: | Convertible promissory notes
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Amount: | $3.2 million
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Maturity: | Nov. 28, 2007
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Conversion price: | $2.05
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Warrants: | One warrant per two shares issuable upon conversion
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Warrant expiration: | Five years
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Warrant strike price: | $2.255
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Settlement date: | Nov. 28
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Stock price: | $2.10 at close Nov. 28
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