By Sheri Kasprzak
New York, March 9 - Neose Technologies, Inc. is gearing up to close a $43,299,602 private placement of units.
A group of institutional investors and investment funds plan to buy 21,435,447 units at $2.02 each.
The units consist of one share and one warrant. The warrants are exercisable at $1.96 each for five years.
Proceeds will be used for the company's NE-180 development program for the treatment of chemotherapy-induced anemia and anemia associated with chronic renal failure. The rest will be used for general corporate purposes.
The deal is set to close March 13.
Based in Horsham, Pa., Neose develops protein drugs.
| Issuer: | Neose Technologies, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $43,299,602
|
| Units: | 21,435,447
|
| Price: | $2.02
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.96
|
| Announcement date: | March 9
|
| Settlement date: | March 13
|
| Stock symbol: | Nasdaq: NTEC
|
| Stock price: | $1.9601 at close March 8
|
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