By Sheri Kasprzak
New York, May 16 - Inovio Biomedical Corp. plans to close a $16,174,730 direct placement.
The company plans to sell 4,595,094 shares at $3.52 each to a group of institutional and accredited investors based in Singapore and North America. The share price is a 5.8% discount to the company's $3.74 closing stock price on May 14.
The shares will be sold under the company's shelf registration.
Proceeds will be used for clinical trials, research and development, manufacturing costs, potential acquisitions of companies and technologies, as well as for working capital and general corporate purposes.
San Diego-based Inovio develops genetic vaccines for infections and cancers.
| Issuer: | Inovio Biomedical Corp.
|
| Issue: | Stock
|
| Amount: | $16,174,730
|
| Shares: | 4,595,094
|
| Price: | $3.52
|
| Warrants: | No
|
| Pricing date: | May 14
|
| Announcement date: | May 16
|
| Stock symbol: | Amex: INO
|
| Stock price: | $3.70 at close May 15
|
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