Shares sold at 32.93% discount; proceeds to be used as working capital
By Devika Patel
Knoxville, Tenn., Dec. 8 - IGI Laboratories, Inc. completed a private placement of stock on Nov. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It raised $6.5 million through agent Maxim Group LLC.
The company sold 5,909,087 common shares at $1.10 per share. The price per share reflects a 32.93% discount to the Dec. 7 closing share price of $1.64.
"We are happy to have completed this financing, the proceeds of which we will utilize for working capital and investment into our ANDA development program," chief executive officer Charles Moore said in a press release.
IGI is a pharmaceutical company based in Hillside, N.J.
| Issuer: | IGI Laboratories, Inc.
|
| Issue: | Common stock
|
| Amount: | $6.5 million
|
| Shares: | 5,909,087
|
| Price: | $1.10
|
| Warrants: | No
|
| Agent: | Maxim Group LLC
|
| Settlement date: | Dec. 8
|
| Stock symbol: | Amex: IG
|
| Stock price: | $1.60 at close Dec. 8
|
| Market capitalization: | $28.34 million
|
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