Company initially sells shares at $0.648 each, raising $2 million
By Toni Weeks
San Luis Obispo, Calif., April 8 - Anthera Pharmaceuticals, Inc. said it arranged an $18.5 million equity facility with investor Lincoln Park Capital Fund, LLC.
Under the terms of the agreement, Lincoln Park will purchase common stock in the amounts and at a price determined by Anthera during a two-year period. Upon execution of the agreement, Anthera sold $2 million of stock to the investor at $0.648 per share, a 0.3% discount to the closing share price of $0.65 on April 4.
Lincoln will also receive up to 898,059 additional shares as a commitment fee, with the number of shares dependent on the actual amount drawn from the equity line.
Proceeds will be used for servicing long-term debt and working capital.
Anthera, based in Hayward, Calif., is a biopharmaceutical company.
| Issuer: | Anthera Pharmaceuticals, Inc.
|
| Issue: | Equity facility
|
| Amount: | $18.5 million
|
| Tenor: | Two years
|
| Price: | $0.648 per share (for first tranche)
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Fees: | Up to 898,059 shares as commitment fee
|
| Settlement date: | April 5 (for $2 million)
|
| Stock symbol: | Nasdaq: ANTH
|
| Stock price: | $0.65 at close April 4
|
| Market capitalization: | $95.3 million
|
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