Deal also includes warrants; proceeds used to finance clinical trials
By Devika Patel
Knoxville, Tenn., July 18 - InSite Vision Inc. concluded a $22.19 million private placement of stock on July 18, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced for $22.2 million on July 12.
The company sold 36,978,440 common shares at $0.60 apiece. The price per share is a 9.09% discount to the July 11 closing share price of $0.66.
The investors also received five-year warrants for 14,971,376 shares, which are each exercisable at $0.75. The strike price represents an 13.64% premium to the July 11 closing share price.
Piper Jaffray & Co. was the agent.
Proceeds will be used for clinical trials and general corporate purposes, including working capital.
Based in Alameda, Calif., InSite is a biopharmaceutical company focused on treating ocular infections, glaucoma and retinal diseases.
| Issuer: | InSite Vision Inc.
|
| Issue: | Common shares
|
| Amount: | $22,187,064
|
| Shares: | 36,978,440
|
| Price: | $0.60
|
| Warrants: | For 14,971,376 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Agent: | Piper Jaffray & Co.
|
| Pricing date: | July 13
|
| Settlement date: | July 18
|
| Stock symbol: | OTCBB: INSV
|
| Stock price: | $0.67 at close July 12
|
| Market capitalization: | $56.89 million
|
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