By Sheri Kasprzak
New York, Sept. 15 - Interpharm Holdings Inc. concluded a $10 million private placement of series C-1 convertible preferred stock.
The 8.25% preferreds were purchased by Aisling Capital II, LP. The preferreds are convertible into 6,535,947 shares at $1.53 each.
The investor also received warrants for 2,281,914 shares, exercisable at $1.639 each for five years.
The offering supplements the company's $41.5 million credit facility with Wells Fargo Business Credit.
The proceeds will be used for research and development as well as for the pursuit of certain target projects.
Located in Hauppauge, N.Y., Interpharm develops generic prescription and over-the-counter drugs.
| Issuer: | Interpharm Holdings Inc.
|
| Issue: | Series C-1 convertible preferred stock
|
| Amount: | $10 million
|
| Dividends: | 8.25%
|
| Conversion price: | $1.53
|
| Conversion ratio: | Into 6,535,947 common shares
|
| Warrants: | For 2,281,914 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.639
|
| Investor: | Aisling Capital II, LP
|
| Settlement date: | Sept. 11
|
| Stock symbol: | Amex: IPA
|
| Stock price: | $1.45 at close Sept. 11
|
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