By Sheri Kasprzak
New York, July 26 - GeneMedix plc said it has received £1.5 million from its private placement of shares.
The company sold 22,222,222 shares at 6.75p each to European Biosciences Investments Ltd. and a trust operated by the company's co-founder Kim Tan. The price per share represents at 10% discount to the company's closing stock price on July 25.
Each share includes an attached warrant for 0.43 of a share. The whole warrants are exercisable at 9.375p through October 2007.
European Biosciences bought 14,814,815 shares and the trust purchased the remaining 7,407,407 shares.
The proceeds will be used to fund its existing programs and for its merger and acquisition plan.
GeneMedix is a biopharmaceutical company based in Suffolk, England.
| Issuer: | GeneMedix plc
|
| Issue: | Stock
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| Amount: | £1.5 million
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| Shares: | 22,222,222
|
| Price: | 6.75p
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| Warrants: | One warrant for 0.43 of a share per share purchased
|
| Warrant expiration: | October 2007
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| Warrant strike price: | 9.375p
|
| Investors: | European Biosciences Investments Ltd. (lead)
|
| Pricing date: | July 25
|
| Stock price: | 7.2p at close July 25
|
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