By LLuvia Mares
New York, Aug. 17 - Emisphere Technologies, Inc. announced Friday it entered into an agreement for a $7.57 million registered directed sale of units.
In total, the units include 2 million shares of common stock and warrants for 400,000 additional shares. They were priced at $3.785 per unit.
The five-year warrants will be exercisable after six months from the issuance date at an exercise price of $3.945 each.
Emisphere will use the proceeds for general corporate purposes, including further development of its clinical programs.
ThinkEquity Partners LLC is the placement agent.
The transaction is expected to close Aug. 22.
Tarrytown, N.Y.-based Emisphere is a biopharmaceutical company specializing in unique and improved therapeutic molecules and pharmaceutical compounds.
| Issuer: | Emisphere Technologies, Inc.
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| Issue: | Units of stock and 0.2 warrants
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| Amount: | $7.57 million
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| Units: | 2 million
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| Price: | $3.785
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| Warrants: | For 400,000 shares
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| Warrant strike price: | $3.945
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| Warrant term: | 5 years
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| Agent: | ThinkEquity Partners LLC
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| Pricing date: | Aug. 16
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| Settlement date: | Aug. 22
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| Stock symbol: | Nasdaq: EMIS
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| Stock price: | $3.76 at close Aug. 16
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