By Sheri Kasprzak
Atlanta, Dec. 14 - Neoprobe Corp. said Tuesday it received $8.1 million from the sale of convertible promissory notes.
The company sold an $8 million note and a $100,000 note to Great Point Partners LLC and Neoprobe president and chief executive officer David C. Bupp, respectively.
The four-year notes bear interest at 8% per year and are convertible into common shares at $0.40 each.
The investors also received warrants to buy 10,125,000 shares at $0.46 each
Neoprobe is a Dublin, Ohio-based biotechnology company focused on a line of gamma detection systems used by cancer surgeons. The proceeds from the financing will be used to fund late-stage clinical development for the company's radiopharmaceutical agent, Lymphoseek.
| Issuer: | Neoprobe Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $8.1 million
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| Maturity: | Four years
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| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
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| Conversion premium: | 2.5%
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| Conversion price: | $0.40
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| Warrants: | For 10,125,000 shares
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| Warrant strike price: | $0.46
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| Investors: | Great Point Partners LLC and David C. Bupp
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 14
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| Stock price: | $0.39 at close Dec. 10
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| Stock price: | $0.40 at close Dec. 14
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