By Sheri Kasprzak
New York, Jan. 16 - FermaVir Pharmaceuticals, Inc. wrapped a private placement for $1.27 million.
The company sold 1,693,333 shares at $0.75 each. Of the shares issued, $20,000 was from the conversion of deferred salary from company chief executive officer Geoffrey Henson.
The price per share is a 48% discount to the company's $1.45 closing stock price on Jan. 12.
The investors received warrants for 3,386,666 shares, exercisable at $1.00 each for 10 years.
New York-based FermaVir develops antiviral drugs, including FV-100 for shingles. The company is working to file an Investigation New Drug application with the Food and Drug Administration for FV-100.
| Issuer: | FermaVir Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $1.27 million
|
| Shares: | 1,693,333
|
| Price: | $0.75
|
| Warrants: | For 3,386,666 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $1.00
|
| Settlement date: | Jan. 16
|
| Stock symbol: | OTCBB: FMVR
|
| Stock price: | $1.45 at close Jan. 12
|
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