Two-year deal with Lincoln Park will fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 12 – Cardiome Pharma Corp. said it negotiated a $20 million equity purchase agreement with Lincoln Park Capital Fund, LLC.
Lincoln Park has committed to purchase up to $20 million of the company's common stock over two years. The shares will be sold at a price based on the prevailing market prices of the company’s shares at the time of the sale.
Proceeds will be used for general corporate purposes.
Cardiome is a Vancouver, B.C., cardiovascular drug development company.
| Issuer: | Cardiome Pharma Corp.
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| Issue: | Equity purchase agreement
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| Amount: | $20 million
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Settlement date: | Jan. 12
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| Stock symbol: | Nasdaq: CRME
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| Stock price: | $6.86 at close Jan. 11
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| Market capitalization: | $142.24 million
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