By Angela McDaniels
Tacoma, Wash., May 26 - Vical Inc. said it received a commitment from an additional institutional investor, Special Situations Funds, to purchase $4.63 million of units on the same terms as the registered direct offering announced Friday, raising the size of the deal to $20.04 million.
Two institutional investors, including Federated Kaufmann Fund, previously agreed to purchase $15.4 million of units.
In total, Vical will sell 8,666,667 units for $2.3125 each.
Each unit consists of one share of common stock and one half-share warrant. The warrants are exercisable at a price of $2.25 per share for a period of 90 days beginning six months after issue.
Rodman & Renshaw, LLC is the placement agent.
Proceeds will be used to develop Vical's programs as well as for other general corporate purposes.
Vical, based in San Diego, develops DNA-based vaccines for infectious diseases and cancer.
| Issuer: | Vical Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $20,041,667.44
|
| Units: | 8,666,667
|
| Price: | $2.3125
|
| Warrants: | For 4,333,333 shares
|
| Warrant expiration: | Six months plus 90 days after issue
|
| Warrant strike price: | $2.25
|
| Investors: | Federated Kaufmann Fund, Special Situations Funds and one additional investor
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | May 22
|
| Settlement date: | May 27
|
| Stock symbol: | Nasdaq: VICL
|
| Stock price: | $2.25 at close May 21
|
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