Proceeds fund general corporate purposes, including clinical trials
By Devika Patel
Knoxville, Tenn., Dec. 1 - Inovio Pharmaceuticals, Inc. said it negotiated a $3.5 million public offering of units. The deal was announced on Wednesday and has a $525,000 greenshoe.
The company will sell 6,737,247 units of one common share and 0.75 warrants at $0.5195 per unit. The whole warrants are exercisable at $0.65 for five years. The strike price reflects a 25% premium to the Nov. 30 closing share price of $0.52.
Brean Murray, Carret & Co. is the bookrunner.
Settlement is expected on Dec. 6.
Proceeds will be used for general corporate purposes, including clinical trials, research and development, general and administrative expenses, manufacturing expenses and potential acquisitions.
Inovio is a San Diego vaccine manufacturer.
| Issuer: | Inovio Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and 0.75 warrants
|
| Amount: | $3.5 million
|
| Greenshoe: | $525,000
|
| Units: | 6,737,247
|
| Price: | $0.5195
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.65
|
| Bookrunner: | Brean Murray, Carret & Co.
|
| Announcement date: | Nov. 30
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 6
|
| Stock symbol: | Amex: INO
|
| Stock price: | $0.52 at close Nov. 30
|
| Market capitalization: | $56 million
|
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