By Sheri Kasprzak
New York, Dec. 27 - MicroIslet Inc. said it has received agreements for a $3,427,500 private placement.
A group of institutional and other investors agreed to buy 2,285,000 at $1.50 each.
The investors will also receive warrants for 1,142,500 shares, exercisable for five years.
Proceeds will be used for working capital and the development of the company's MicroIslet-PTM product candidate.
The deal was scheduled to close on Dec. 27.
Based in San Diego, MicroIslet is a biotechnology company focused on transplantation therapy for people with insulin-dependent diabetes.
| Issuer: | MicroIslet Inc.
|
| Issue: | Stock
|
| Amount: | $3,427,500
|
| Shares: | 2,285,000
|
| Price: | $1.50
|
| Warrants: | For 1,142,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.65
|
| Settlement date: | Dec. 27
|
| Stock price: | $1.60 at close Dec. 27
|
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