By Sheri Kasprzak
Atlanta, Dec. 27 - EntreMed Inc. said it has received agreements for a $14 million private placement.
The company sold to independent institutional biotechnology investors 5.5 million shares at $2.55 each.
The investors in the offering, including Orbimed Advisors, Perceptive Life Sciences, Quogue Capital LLC and Domain Associates, received five-year warrants equal to 20% of the total number of shares sold at a 15% premium to the market price of common shares.
Rodman & Renshaw LLC was the placement agent in the deal.
Based in Rockville, Md., EntreMed is a pharmaceutical company focused on developing therapeutic treatment candidates for cancer and inflammation. The proceeds from the private placement will be used to support upcoming clinical trials on the company's oncology product candidate Panzem.
| Issuer: | EntreMed Inc.
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| Issue: | Stock
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| Amount: | $14 million
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| Shares: | 5.5 million
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| Price: | $2.55
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| Warrants: | Equal to 20% of the number of shares sold
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| Warrant expiration: | Five years
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| Warrant strike price: | 15% premium to market price
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| Placement agent: | Rodman & Renshaw LLC
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| Investors: | Orbimed Advisors, Perceptive Life Sciences, Quogue Capital LLC and Domain Associates
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| Announcement date: | Dec. 27
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| Stock price: | $3.249 at close Dec. 24
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