By LLuvia Mares
New, York, Oct. 30 - DUSA Pharmaceuticals, Inc. plans to raise $11 million in a private placement of stock.
The company issued 4,581,043 shares at $2.40 per share and warrants to purchase up to 1,145,259 additional shares at an exercise price of $2.85 per share. The warrants expire on April 30, 2013.
Investors in the transaction included Deerfield Management and Greenway Capital.
Rodman & Renshaw, LLC was the placement agent.
Proceeds will be used to fund working capital, further advance DUSA's Levulan PDT clinical development programs and activities associated with expanding the company's market.
Wilmington, Mass.-based DUSA is a dermatology company developing and marketing Levulan photodynamic therapy and other products targeting patients with common skin conditions.
Issuer: DUSA Pharmaceuticals, Inc.
Issue: Stock
Amount: $11 million
Shares: 4,581,043
Price: $2.40
Warrants: For 1,145,259 shares
Warrant strike price: $2.85
Warrant expiration date: April 30, 2013
Investors: Deerfield Management and Greenway Capital
Placement agent: Rodman & Renshaw, LLC
Pricing date: Oct. 29
| Announcement date: | Oct. 30
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| Stock Symbol: | Nasdaq: DUSA
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| Stock price: | $2.71 at close Oct. 29
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