Company raising funds for drug study, manufacture via brokered deal
By Devika Patel
Knoxville, Tenn., Sept. 22 - Anthera Pharmaceuticals, Inc. gave further details on a $31.5 million private placement of units in an 8-K filed Wednesday with the Securities and Exchange Commission. Piper Jaffray & Co. is the lead placement agent and Wedbush PacGrow Life Sciences is co-placement agent for the deal, which priced Sept. 20.
Anthera is selling 10.5 million units of one common share and a warrant for 0.40 shares at $3.00 apiece. The whole warrants are exercisable at $3.30 for five years.
The strike price is a 15.79% premium to the Sept. 17 closing share price of $2.85.
Settlement is expected Sept. 24.
Proceeds will be used to fund the company's previously announced expansion of its A-623 Phase 2b study, to manufacture Phase 3 material for A-623 and for general corporate purposes.
Anthera, based in Hayward, Calif., is a biopharmaceutical company.
Issuer: | Anthera Pharmaceuticals, Inc.
|
Issue: | Units of one common share and a warrant for 0.40 shares
|
Amount: | $31.5 million
|
Units: | 10.5 million
|
Price: | $3.00
|
Warrants: | One warrant for 0.40 shares per unit
|
Warrant expiration: | Five years
|
Warrant strike price: | $3.30
|
Agent: | Piper Jaffray & Co. (lead), Wedbush PacGrow Life Sciences (co-placement agent)
|
Pricing date: | Sept. 20
|
Settlement date: | Sept. 24
|
Stock symbol: | Nasdaq: ANTH
|
Stock price: | $2.93 at close Sept. 20
|
Market capitalization: | $72.44 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.