By Sheri Kasprzak
New York, Dec. 14 - Immtech International, Inc. said it completed a private placement of series E convertible preferred stock for $3.34 million.
The company issued 133,600 shares at $25.00 each to a group of accredited investors and foreign individuals.
The preferreds are initially convertible into 3.5511 common shares.
The investors received warrants for 83,500 shares, exercisable at $10.00 each for three years.
The offering comes with a 25% option to increase the financing to $4,175,000.
Proceeds from the deal will be used for phase 3 trials.
Based in Vernon Hills, Ill., Immtech is a pharmaceutical company focused on treating infectious diseases.
| Issuer: | Immtech International, Inc.
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| Issue: | Series E convertible preferred stock
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| Amount: | $3.34 million
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| Shares: | 133,600
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| Price: | $25.00
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| Conversion ratio: | Each preferred into 3.5511 common shares
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| Warrants: | For 83,500 shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $10.00
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| Settlement date: | Dec. 14
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| Stock price: | $7.20 at close Dec. 14
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