Proceeds used for research and development, general corporate purposes
By Devika Patel
Knoxville, Tenn., June 19 - Medgenics, Inc. settled a $9.53 million private placement of units on June 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Maxim Group LLC was the agent.
The company sold 1,944,734 units of one common share and 0.75 warrants at $4.90 per unit.
The whole warrants are each exercisable at $8.34 until June 18, 2017. The strike price reflects a 16.64% premium to the June 15 closing share price of $7.15.
Proceeds will be used for research and development, general corporate purposes and working capital needs.
Based in San Francisco, Medgenics is a biotechnology company and developer of associated medical equipment.
| Issuer: | Medgenics, Inc.
|
| Issue: | Units of one common share and 0.75 warrants
|
| Amount: | $9,529,197
|
| Units: | 1,944,734
|
| Price: | $4.90
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | June 18, 2017
|
| Warrant strike price: | $8.34
|
| Agent: | Maxim Group LLC
|
| Settlement date: | June 18
|
| Stock symbol: | NYSE: MDGN
|
| Stock price: | $7.15 at close June 15
|
| Market capitalization: | $61.33 million
|
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