Company wraps financing to fund aggressive Phase II clinical program
By Devika Patel
Knoxville, Tenn., May 2 - GenSpera, Inc. said it settled a private placement of units for about $2.2 million.
The company sold units of one common share and one half-share warrant at $1.65 apiece. Each whole warrant is exercisable at $3.15 for five years. The strike price reflects a 65.79% premium to the April 29 closing share price of $1.90.
"This financing brings the total monies raised in 2011 to approximately $6.2 million," chief executive officer and president Craig Dionne said in a press release.
"The monies raised in January and February assured funding for an aggressive phase 2 clinical program for our lead drug G-202, currently in a FDA-approved phase 1 safety trial. This current financing provides funds for the full pre-clinical development of G-115, our second drug, specifically targeted for prostate cancer."
GenSpera is a development-stage oncology company based in San Antonio.
| Issuer: | GenSpera, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $2.2 million (approximate)
|
| Price: | $1.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.15
|
| Settlement date: | May 2
|
| Stock symbol: | OTCBB: GNSZ
|
| Stock price: | $1.90 at close April 29
|
| Market capitalization: | $35.44 million
|
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