By Laura Lutz
Des Moines, Sept. 12 - Neurobiological Technologies, Inc. secured $6 million from a private placement of senior secured notes and stock.
The notes have a total principal amount of $6 million. They were accompanied by 2,750,000 common shares.
The 15% note matures on the earlier of Jan. 15, 2008 and seven days after the closing of Neurobiological's upcoming registered public offering.
Interest is payable monthly.
The note may be prepaid at any time without penalty.
The shares may not be traded before the closing of the public offering or Jan. 15, 2008, whichever is earlier. If the public offering closes before Jan. 15, 2008, investors will not be allowed to sell more than 5% of the average daily trading volume for 90 days after the public offering.
Based in Emeryville, Calif., Neurobiological acquires and develops drugs to treat central nervous system disorders.
| Issuer: | Neurobiological Technologies, Inc.
|
| Issue: | Senior secured notes, stock
|
| Amount: | $6 million
|
| Maturity: | Earlier of Jan. 15, 2008 and seven days after the closing of the company's upcoming registered public offering
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Shares: | 2,750,000
|
| Warrants: | No
|
| Pricing date: | Sept. 12
|
| Stock symbol: | Nasdaq: NTII
|
| Stock price: | $0.84 at close Sept. 12
|
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