By Laura Lutz
Des Moines, Aug. 21 - Encysive Pharmaceuticals Inc. arranged a private placement of stock for about $15 million.
Institutional investors agreed to buy about 7.7 million common shares. The investors also will receive warrants for about 7.7 million shares, exercisable at $1.95 per share.
Settlement is expected on Aug. 24.
Rodman & Renshaw, LLC acted as placement agent.
Proceeds will be used for commercialization of the company's Thelin product, working capital and general corporate purposes.
Encysive is a biopharmaceutical company based in Houston.
| Issuer: | Encysive Pharmaceuticals Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million (approximate)
|
| Shares: | 7.7 million (approximate)
|
| Warrants: | For 7.7 million shares
|
| Warrant strike price: | $1.95
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 24
|
| Stock symbol: | Nasdaq: ENCY
|
| Stock price: | $1.98 at close Aug. 20
|
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