1,743,680 common shares at $11.47 each, along with three-year warrants
By Devika Patel
Knoxville, Tenn., Nov. 25 – Eleven Biotherapeutics, Inc. said it will conduct a $20 million private placement of stock. Citigroup Global Markets Inc., Cowen and Co., LLC and Leerink Partners LLC are the agents.
The company will sell 1,743,680 common shares. The price per share of $11.47 is identical to the Nov. 24 closing share price.
Investors also will receive warrants for about 871,840 shares. The warrants are each exercisable at $15.00 for three years. The strike price is a 30.78% premium to the Nov. 24 closing price.
Settlement is expected on Dec. 1.
Proceeds will be used to advance the company’s pipeline of protein therapeutics to treat ocular diseases.
The biopharmaceutical company is based in Cambridge, Mass.
| Issuer: | Eleven Biotherapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Shares: | 1,743,680
|
| Price: | $11.47
|
| Warrants: | For about 871,840 shares
|
| Warrant expiration: | Three years
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| Warrant strike price: | $15.00
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| Agents: | Citigroup Global Markets Inc., Cowen and Co., LLC, and Leerink Partners LLC
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 1
|
| Stock symbol: | Nasdaq: EBIO
|
| Stock price: | $11.47 at close Nov. 24
|
| Market capitalization: | $175.1 million
|
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