By Devika Patel
Knoxville, Tenn., Jan. 25 - MiddleBrook Pharmaceuticals, Inc. announced it will raise $21 million through a private placement of stock.
The company will sell 8.75 million common shares at $2.40 apiece. Investors also will receive five-year warrants to purchase 3.5 million shares at $3.00 per share.
Rodman & Renshaw, LLC will be the agent.
MiddleBrook will use the proceeds to manufacture MOXATAG(tm), the company's once-daily amoxicillin product, and for working capital and general corporate purposes.
MiddleBrook is a pharmaceutical company based in Germantown, Md.
| Issuer: | MiddleBrook Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $21 million
|
| Shares: | 8.75 million
|
| Price: | $2.40
|
| Warrants: | For 3.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Jan. 25
|
| Stock symbol: | Nasdaq: MBRK
|
| Stock price: | $2.99 at close Jan. 24
|
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