By Devika Patel
Knoxville, Tenn., July 30 - Inovio Biomedical Corp. plans to raise $30 million in a registered direct offering of units, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission.
The company will sell 11,111,110 units at $2.70 apiece. Each unit consists of one common share and a quarter-share warrant. The whole warrants are exercisable at $3.50 for six months.
Rodman & Renshaw, LLC is the agent.
Settlement is expected Monday.
Proceeds will be used for general corporate purposes.
San Diego-based Inovio develops genetic vaccines for infections and cancers.
| Issuer: | Inovio Biomedical Corp.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | $30 million
|
| Units: | 11,111,110
|
| Price: | $2.70
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Six months
|
| Warrant strike price: | $3.50
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 3
|
| Stock symbol: | Amex: INO
|
| Stock price: | $3.18 at close July 29
|
| Market capitalization: | $91.6 million
|
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