By LLuvia Mares
New York, Oct. 10 - MacroChem Corp. announced it closed a $3.5 million private placement and converted all its series C preferred stock.
The company sold 5,891,667 shares of stock and warrants to purchase 1,767,500 shares at an exercise price of $0.60 per share. The warrants expire in five years.
In addition, the company converted its series C preferred stock into 12,571,850 shares. The related warrants to purchase 8,648,102 shares were reset to purchase 17,885,848 shares at an exercise price of $0.60 per share under anti-dilution provisions in the warrants.
Griffin Securities, Inc. was the placement agent.
Proceeds will be used to continue EcoNail development through its phase 2 clinical program and initiate development work.
Wellesley Hills, Mass.-based MacroChem is a pharmaceutical company that develops and seeks to commercialize pharmaceutical products.
Issuer: MacroChem Corp.
Issue: Stock
| Amount: | $3.5 million
|
| Shares: | 5,891,667
|
| Price: | $0.60
|
| Warrants: | For 1,767,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Placement agent: | Griffin Securities, Inc.
|
| Stock symbol: | OTCBB: MACM.OB
|
| Stock price: | $0.65 at close Oct. 10
|
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