Proceeds primarily slated to move iSonep into Phase 2 clinical trials
By Devika Patel
Knoxville, Tenn., Nov. 17 - Lpath, Inc. said it settled a private placement of stock through agents Griffin Securities, Inc., Musket Research Associates, Inc. and Andrew Garrett, Inc.
The company sold 6,978,128 class A common shares at $0.70 apiece for $4.89 million. The investors received 50% warrant coverage. The warrants are each exercisable at $1.00 for two years.
The share price is a 21.35% discount to $0.89, the Nov. 16 closing share price, and the strike price is a 12.36% premium to $0.89.
Proceeds will be used primarily to move Lpath's drug candidate iSonep into Phase 2 clinical trials and to further develop Lpath's other therapeutic programs.
"This funding enables us to continue to advance our iSonep program through the clinical trial process, while allowing us to continue to explore various strategic opportunities that have presented themselves," Lpath president and chief executive Scott R. Pancoast said in a press release. "We appreciate the confidence expressed by our new and existing investors in the potential of our leading drug candidates and our underlying ImmuneY2 technology."
San Diego-based Lpath develops therapeutic treatments for human diseases.
| Issuer: | Lpath, Inc.
|
| Issue: | Class A common stock
|
| Amount: | $4,884,690
|
| Shares: | 6,978,128
|
| Price: | $0.70
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
|
| Agent: | Griffin Securities, Inc., Musket Research Associates, Inc. and Andrew Garrett, Inc.
|
| Settlement date: | Nov. 17
|
| Stock symbol: | OTCBB: LPTN
|
| Stock price: | $0.89 at close Nov. 16
|
| Market capitalization: | $48.03 million
|
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