Jefferies is bookrunner; deal to fund product development activities
By Devika Patel
Knoxville, Tenn., June 24 – Medgenics Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $3 million greenshoe in part, lifting total proceeds of the offering to $21.09 million. The deal was announced June 20 and priced for $20.02 million with the greenshoe on June 21.
The company sold 3,835,261 common shares at $5.50 per share. The price per share is an 11.86% discount to the June 20 closing share price of $6.24. Of the shares, 195,261 were part of the partially exercised greenshoe.
Jefferies LLC was the bookrunner.
Proceeds will be used for product development activities, patent maintenance fees and intellectual property support, licensing and research collaborations and general corporate purposes and working capital.
The medical technology and therapeutics company is based in San Francisco.
| Issuer: | Medgenics Inc.
|
| Issue: | Common stock
|
| Amount: | $21,093,936, including $1,073,936 greenshoe of 195,261 shares
|
| Shares: | 3,835,261
|
| Price: | $5.50
|
| Warrants: | No
|
| Bookrunner: | Jefferies LLC
|
| Co-managers: | JMP Securities LLC and Needham & Co., LLC
|
| Announcement date: | June 20
|
| Pricing date: | June 21
|
| Settlement date: | June 24
|
| Stock symbol: | NYSE: MDGN
|
| Stock price: | $6.24 at close June 20
|
| Market capitalization: | $180.67 million
|
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