By Sheri Kasprzak
New York, Oct. 23 - Lexicon Genetics Inc. will settle a $40 million direct placement later this week.
A group of institutional investors has agreed to buy 10,582,011 shares at $3.78 each, a 6.9% discount to the company's $4.06 closing stock price on Friday.
The shares are being sold under the company's shelf registration.
The deal is set to close Oct. 25.
Banc of America Securities LLC is the bookrunner with Lazard Capital Markets LLC as co-agent.
Proceeds will be used for research and development, including preclinical and clinical development of the company's lead programs, as well as for acquisitions, business investments and working capital.
Based in The Woodlands, Texas, Lexicon Genetics develops treatments for diseases like diabetes, obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders and ophthalmic disease.
| Issuer: | Lexicon Genetics Inc.
|
| Issue: | Stock
|
| Amount: | $40 million
|
| Shares: | 10,582,011
|
| Price: | $3.78
|
| Warrants: | No
|
| Placement agents: | Banc of America Securities LLC (lead), Lazard Capital Markets LLC
|
| Announcement date: | Oct. 23
|
| Settlement date: | Oct. 25
|
| Stock symbol: | Nasdaq: LEXG
|
| Stock price: | $4.06 at close Oct. 20
|
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