By Devika Patel
Knoxville, Tenn., Feb. 26 - Clinical Data, Inc. said it completed a $50 million private placement of convertible debt with New River Management V, LP.
The notes mature in eight years and carry a 9.72% coupon.
The notes are convertible into 6,110,600 shares at $8.1825 per share..
New River Management will also receive two tranches of five-year warrants.
The first tranche includes warrants for 1,527,650 common shares, exercisable at $8.12 per share.
The second tranche includes warrants for 1,527,650 common shares, exercisable at $9.74 per share.
Proceeds will be used to advance the company's two late-stage therapeutic programs.
Newton, Mass.-based Clinical Data develops and commercializes pharmacogenomics and diagnostic services.
| Issuer: | Clinical Data, Inc.
|
| Issue: | Convertible debt
|
| Amount: | $50 million
|
| Maturity: | Eight years
|
| Coupon: | 9.72%
|
| Price: | Par
|
| Yield: | 9.72%
|
| Conversion price: | $8.1825
|
| Conversion ratio: | Into 6,110,600 shares
|
| Warrants: | For 3,055,300 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $8.12 (for 1,527,650 shares), $9.74 (for 1,527,650 shares)
|
| Investors: | New River Management V, LP
|
| Settlement date: | Feb. 26
|
| Stock symbol: | Nasdaq: CLDA
|
| Stock price: | $8.12 at close Feb. 25
|
| Market capitalization: | $194 million
|
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