Published on 3/7/2006 in the Prospect News Biotech Daily and Prospect News PIPE Daily.
New Issue: Favrille to settle $45.23 million private placement of shares
By Sheri Kasprzak
New York, March 7 - Favrille, Inc. said it intends to close a $45,236,000 private placement.
A group of institutional investors led by MPM BioEquities Adviser, LLC, and including Federated Kaufmann Fund, T. Rowe Price Associates, Tang Capital Management, ProMed Management, Forward Ventures, Sanderling Ventures, Alloy Ventures and William Blair Partners, agreed to buy 8.6 million shares at $5.26 each.
The investors will also receive warrants for 3 million shares for an additional price of $0.125 per warrant. The warrants are exercisable at $5.26 each.
Proceeds will be used for clinical development of the company's FavId product for B-cell non-Hodgkin's lymphoma. The remainder will be used for working capital and general corporate purposes.
San Diego-based Favrille is a biopharmaceutical company focused on immunotherapies used to treat cancer.
| Issuer: | Favrille, Inc.
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| Issue: | Stock
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| Amount: | $45,236,000
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| Shares: | 8.6 million
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| Price: | $5.26
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| Warrants: | For 3 million shares at $0.125 extra each
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| Warrant strike price: | $5.26
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| Investors: | MPM BioEquities Adviser, LLC (lead), Federated Kaufmann Fund, T. Rowe Price Associates, Tang Capital Management, ProMed Management, Forward Ventures, Sanderling Ventures, Alloy Ventures, William Blair Partners
|
| Announcement date: | March 7
|
| Stock symbol: | Nasdaq: FVRL
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| Stock price: | $5.26 at close March 6
|
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