By Sheri Kasprzak
New York, Jan. 9 - Epitan Ltd. said it received an agreement for an A$10 million private placement upon the achievement of certain milestones.
Absolute Capital Management agreed to fund the placement.
The shares in the offering will be priced at 0.91 times the volume-weighted average price of the company's stock for the 30 trading days before purchase.
The deal will be funded in five stages contingent upon the achievement of certain milestones over an 18-month period.
The milestones include the successful filing of an Investigational New Drug Application with the Food and Drug Administration for EPT1647; the appointment of Philippe Wolgen as the company's chief executive officer and Hank Agersborg as chief scientific officer; and the approval for the phase 3 clinical trial of EPT1647 by any of the FDA, Australia's Therapeutic Goods Administration or Europe's Medicine and Healthcare Products Regulatory Agency.
The two remaining milestones are the execution of a corporate partnership agreement with a U.S.-based partner for not less than A$15 million and the admission of the company's stock to the Alternative Investments Market of the London Stock Exchange.
Proceeds will be used for a phase 2 clinical trial on EPT1647 for polymorphous light eruption, a sun-related skin problem.
Based in Melbourne, Australia, Epitan is a pharmaceutical company focused on dermatological products.
| Issuer: | Epitan Ltd.
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| Issue: | Stock
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| Amount: | A$10 million
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| Price: | 0.91 times the VWAP for the 30 trading days before purchase
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| Warrants: | No
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| Investor: | Absolute Capital Management
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| Announcement date: | Jan. 9
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| Stock price: | A$0.34 at close Jan. 9
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