Units will consist of one common share and one warrant for 0.65 shares
By Devika Patel
Knoxville, Tenn., Jan. 21 - NanoViricides, Inc. said it plans a registered direct offering of units to raise about $20 million.
The company will sell units of one common share and one warrant for 0.65 shares at $5.25 per unit, with each warrant exercisable at $6.05 for five years. The strike price is identical to the Jan. 17 closing share price.
Chardan Capital Markets, LLC is the lead agent and Midtown Partners & Co., LLC is the co-placement agent.
Settlement is expected on Jan. 24.
Proceeds will be used for clinical trials.
"We anticipate that the additional capital will be sufficient to last through phase 1 and 2 human clinical studies of our injectable FluCide drug candidate and also through initial human clinical trials of DengueCide," chief executive officer Eugene Seymour said in a press release.
"We were very pleased with the strong interest from select institutional investors and existing shareholders. It enabled us to raise $20 million in place of the intended $10 million, taking advantage of the 20% additional allowance option for our registered securities."
The release added that DengueCide has received orphan drug designation by the U.S. FDA as well as the European Medical Agency.
NanoViricides is a West Haven, Conn., biopharmaceutical company.
| Issuer: | NanoViricides, Inc.
|
| Issue: | Units of one common share and one warrant for 0.65 shares
|
| Amount: | $20 million (approximate)
|
| Price: | $5.25
|
| Warrants: | One warrant for 0.65 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.05
|
| Agents: | Chardan Capital Markets, LLC (lead), Midtown Partners & Co., LLC (co-placement agent)
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 24
|
| Stock symbol: | NYSE: NNVC
|
| Stock price: | $6.05 at close Jan. 17
|
| Market capitalization: | $245.46 million
|
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