By Devika Patel
Knoxville, Tenn., May 8 - Electro-Optical Sciences, Inc. said it entered into a $45 million three-year committed equity financing facility with Kingsbridge Capital Ltd.
The funds that can be raised under the facility will depend on the then-current price for Electro-Optical's stock. The number of shares actually sold may not exceed 19.99% of the company's shares outstanding. The stock will be sold at discounts ranging from 6% to 10%.
Kingsbridge received a warrant for 200,000 shares, which is exercisable at $11.35.
Based in Irvington, N.Y., Electro-Optical develops medical devices used to detect melanoma.
| Issuer: | Electro-Optical Sciences, Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $45 million
|
| Tenor: | Three years
|
| Price: | Discounted 6% to 10%
|
| Warrants: | For 200,000 shares
|
| Warrant strike price: | $11.35
|
| Investor: | Kingsbridge Capital Ltd.
|
| Pricing date: | May 8
|
| Stock symbol: | Nasdaq: MELA
|
| Stock price: | $7.85 at close May 7
|
| Market capitalization: | $140 million
|
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