By Sheri Kasprzak
New York, May 31 - Isis Pharmaceuticals, Inc. revealed the details on its previously announced $75 million equity line with Azimuth Opportunity Ltd.
Azimuth has agreed to buy shares of Isis at discounts ranging from 3.8% to 5.3%, depending upon the company's stock price, over 18 months.
The line may only be drawn from 16 times.
The proceeds will be used to develop the company's ISIS 113715 to treat type 2 diabetes. The rest will be used for preclinical trials of ISIS 369645 to treat asthma and for ISIS 353512 to treat cardiovascular disease and inflammation.
Isis, based in Carlsbad, Calif., is a pharmaceutical company focused on treatments for cardiovascular, metabolic and inflammatory disorders.
| Issuer: | Isis Pharmaceuticals, Inc.
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| Issue: | Equity line
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| Amount: | $75 million
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| Tenor: | 18 months
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| Price: | At discounts ranging from 3.8% to 5.3%, depending upon stock price
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| Warrants: | No
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| Investor: | Azimuth Opportunity Ltd.
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| Settlement date: | May 30
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| Stock symbol: | Nasdaq: ISIS
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| Stock price: | $7.46 at close May 30
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