Offerings with Lincoln Park, Cantor Fitzgerald fund corporate purposes
By Devika Patel
Knoxville, Tenn., July 30 – Unilife Corp. negotiated a $45 million common stock purchase agreement with Lincoln Park Capital Fund, LLC on July 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company also arranged a $25 million at-the-market equity offering with agent Cantor Fitzgerald & Co., according to a 424 filing.
The company will sell the common shares to Lincoln Park over two years at a price based on the prevailing market prices of the stock. The shares will be sold in tranches of up to $2 million in shares, or up to 200,000 shares.
Lincoln Park will initially purchase $5 million of shares at $1.79 per share.
Cantor will be paid a 3% commission for the at-the-market equity offering.
Proceeds will be used to develop manufacturing and operational capabilities and for general corporate purposes, including working capital, acquisitions and other business opportunities.
Unilife makes injectable drug-delivery systems and is based in York, Pa.
| Issuer: | Unilife Corp.
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| Issue: | Share purchase agreement
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| Amount: | $45 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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| Pricing date: | July 29
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| Stock symbol: | Nasdaq: UNIS
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| Stock price: | $1.83 at close July 28
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| Market capitalization: | $241.29 million
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