Deal to fund development of injection system for rheumatoid arthritis
By Angela McDaniels
Tacoma, Wash., May 13 - Antares Pharma, Inc. plans to sell $20 million of common stock in a public offering. There is a $3 million over-allotment option, according to a 424B5 filing with the Securities and Exchange Commission.
The 12.5 million shares will be sold for $1.60 each, which is an 11.11% discount to the company's $1.80 closing share price on May 12.
Oppenheimer & Co. is the agent.
The proceeds will be used for general corporate purposes, including the development of the company's proprietary Vibex MTX methotrexate injection system for the treatment of rheumatoid arthritis.
Antares is a pharmaceutical company focused on self-injection pharmaceutical products and technologies and topical gel-based products. It is based in Ewing, N.J.
| Issuer: | Antares Pharma, Inc.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Greenshoe: | $3 million
|
| Shares: | 12.5 million
|
| Price: | $1.60
|
| Warrants: | No
|
| Agent: | Oppenheimer & Co.
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Stock symbol: | NYSE Amex: AIS
|
| Stock price: | $1.80 at close May 12
|
| Market capitalization: | $149.75 million
|
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