New Issue: Napo Pharmaceuticals wraps $2.55 million private placement of convertible debt, shares

By Devika Patel

Knoxville, Tenn., March 6 - Napo Pharmaceuticals, Inc. said it concluded a $2.55 million private placement of convertible debt and stock.

The $2.25 million convertible bears interest at a rate of 3.2%, payable in cash, and is redeemable on July 31. Twenty-five percent of the convertible, or about $560,000, is convertible into common stock at a conversion price of 27.9p. The remaining 75% of the convertible (about $1.69 million) is repayable in cash at maturity.

Investors also received warrants for 3,049,965 common shares, exercisable from July 31 until March 3, 2013 at 27.9p.

The company also raised about $300,000 by selling 600,000 common shares at 25p.

Based in South San Francisco, Calif., Napo focuses on the development and commercialization of proprietary pharmaceuticals for the global market.

Issuer:	Napo Pharmaceuticals, Inc.
Issue:	Convertible debt, common shares, warrants
Amount:	$2.55 million
Warrants:	For 3,049,965 shares
Warrant expiration:	March 3, 2013
Warrant strike price:	27.9p
Settlement date:	March 6
Stock symbol:	London: NAPL
Stock price:	28.99p at close March 5
Convertible debt
Amount:	$2.25 million
Maturity:	July 31
Coupon:	3.2%
Price:	Par
Yield:	3.2%
Conversion price:	27.9p
Shares
Amount:	$300,000 (approximate)
Shares:	600,000
Price:	25p

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