By Devika Patel
Knoxville, Tenn., Aug. 18 - Lpath, Inc. completed a $6.4 million tranche of a $12 million private placement of stock on Aug. 15, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold class A common shares at $0.95 per share. Investors also received warrants for 25% of the number of shares bought. The warrants are exercisable at $1.25.
San Diego-based Lpath develops therapeutic treatments for human diseases.
| Issuer: | Lpath, Inc.
|
| Issue: | Class A common shares
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| Amount: | $12 million
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| Price: | $0.95
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| Warrants: | 25% coverage
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| Warrant strike price: | $1.25
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| Settlement date: | Aug. 15 (for $6.4 million)
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| Stock symbol: | OTCBB: LPTN
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| Stock price: | $1.35 at close Aug. 15
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