By Devika Patel
Knoxville, Tenn., Sept. 30 - Micromet, Inc. said it will take in $40 million in a private placement of shares.
The company will sell about 9.4 million common shares at $4.25 per share.
The investor will also receive warrants for about 2.8 million shares. The warrants are exercisable at $4.63 for five years.
The shares and warrants will be sold in units, with each unit consisting of one common shares and a warrant to purchase 0.30 of a share.
Settlement is expected Oct. 2.
Piper Jaffray & Co. was the bookrunning lead placement agent and RBC Capital Markets was the co-lead placement agent.
Proceeds will be used for continued research and development of Micromet's product candidates and operational expenses, including the advancement of clinical trials for the company's lead BiTE antibody blinatumomab.
Based in Bethesda, Md., Micromet is a biopharmaceutical company.
| Issuer: | Micromet, Inc.
|
| Issue: | Common stock
|
| Amount: | $40 million
|
| Shares: | 9.4 million (approximate)
|
| Price: | $4.25
|
| Warrants: | For about 2.8 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.63
|
| Agent: | Piper Jaffray & Co. (lead), RBC Capital Markets (co-lead)
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 2
|
| Stock symbol: | Nasdaq: MITI
|
| Stock price: | $4.15 at close Sept. 29
|
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