By Sheri Kasprzak
New York, March 22 - Valentis, Inc. has wrapped a $5.25 million private placement of units.
The company issued 2.1 million units at $2.50 each to a group of institutional investors led by Biotechnology Value Fund, LP. The unit price is a 3% discount to the company's closing stock price of $2.43 on March 21.
The units include one share and one half-share warrant with each full warrant exercisable at $3.00 for five years.
Canaccord Adams Inc. and Griffin Securities Inc. were the financial advisers for the offering.
Proceeds from the deal will be used for the advancement of the company's VLTS 934 poloxamer products for patients with peripheral arterial disease to phase 3 clinical testing once the results of the phase 2b clinical trial are released.
Burlingame, Calif.-based Valentis develops a nonionic copolymer called poloxamer in the form of VLTS 934, which is used to treat peripheral arterial disease, as well as other treatments for cardiac disorders.
| Issuer: | Valentis, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $5.25 million
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| Units: | 2.1 million
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| Price: | $2.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.00
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| Advisers: | Canaccord Adams Inc., Griffin Securities Inc.
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| Investors: | Biotechnology Value Fund, LP (lead)
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| Settlement date: | March 21
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| Stock symbol: | Nasdaq: VLTS
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| Stock price: | $2.43 at close March 21
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