By Sheri Kasprzak
New York, Sept. 21 - Memory Pharmaceuticals Corp. said it has received definitive agreements from institutional and other investors for a $30,590,000 private placement.
The company will issue 16.1 million shares at $1.90 each to new and existing investors by Sept. 23.
The investors will also receive warrants for 5.6 million shares, exercisable at $2.22 each.
Proceeds will be used for clinical, pre-clinical and exploratory research, as well as for working capital and general corporate purposes.
Based in Montvale, N.J., Memory is a biopharmaceutical company focused on developing drugs to treat central nervous system disorders like Alzheimer's disease.
| Issuer: | Memory Pharmaceuticals Corp.
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| Issue: | Stock
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| Amount: | $30,590,000
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| Shares: | 16.1 million
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| Price: | $1.90
|
| Warrants: | 5.6 million
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| Warrant strike price: | $2.22
|
| Announcement date: | Sept. 21
|
| Settlement date: | Sept. 23
|
| Stock price: | $1.83 at close Sept. 21
|
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