Company sells 21,958,302 ordinary shares at $0.57 apiece to investors
By Devika Patel
Knoxville, Tenn., Sept. 30 - Celsus Therapeutics said it took in $12.52 million in a private placement of stock. The deal priced for $12.5 million Sept. 19.
The company sold 21,958,302 ordinary shares at $0.57 apiece. The per-share price represents an 85.75% discount to the Sept. 18 closing share price of $4.00.
MTS Securities, LLC was the lead placement agent and Oppenheimer and Co., LLC was the co-placement agent.
Proceeds will be used to advance the company's lead non-steroidal anti-inflammatory dermatology asset, MRX-6, through an Investigational New Drug application in the United States and for clinical studies.
"We are excited to advance the development of MRX-6 into several clinical indications," chief executive officer Gur Roshwalb said in a press release. "We believe that a safe and effective non-steroidal anti-inflammatory cream serves an important and unmet clinical need and will further validate our novel multi-functional anti-inflammatory drug platform. With our current burn rate, we expect this financing to give us a cash runway into 2015."
The New York biotechnology company is developing a new class of non-steroidal, synthetic anti-inflammatory drugs.
| Issuer: | Celsus Therapeutics
|
| Issue: | Ordinary stock
|
| Amount: | $12,516,232
|
| Shares: | 21,958,302
|
| Price: | $0.57
|
| Warrants: | No
|
| Agents: | MTS Securities, LLC (lead) and Oppenheimer and Co., LLC (co-placement agent)
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 30
|
| Stock symbol: | OTCBB: CLSXY
|
| Stock price: | $4.00 at close Sept. 18
|
| Market capitalization: | $28.08 million
|
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