Deal sells preferreds, warrants to Biotechnology Value, Rock Springs
By Devika Patel
Knoxville, Tenn., Sept. 8 – Anthera Pharmaceuticals, Inc. said it raised $17 million in the first tranche of a $45.33 million offering of convertible preferred stock with Biotechnology Value Fund, LP, other affiliates of BVF Partners LP and Rock Springs Capital.
The preferreds are being sold with 25% warrant coverage.
The preferreds are convertible into common shares at varying conversion prices. The warrants are each exercisable at 120% of the conversion price.
Anthera, based in Hayward, Calif., is a biopharmaceutical company.
| Issuer: | Anthera Pharmaceuticals, Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $45.33 million
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| Conversion price: | Varying
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| Warrants: | 25% coverage
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| Warrant strike price: | 120% of the conversion price
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| Investors: | Biotechnology Value Fund, LP, other affiliates of BVF Partners LP, Rock Springs Capital
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| Settlement date: | Sept. 8 (for $17 million)
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| Stock symbol: | Nasdaq: ANTH
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| Stock price: | $2.98 at close Sept. 7
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| Market capitalization: | $130.99 million
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