By Devika Patel
Knoxville, Tenn., April 29 - Neurologix, Inc. said it completed another private placement of its newly created series D convertible preferred stock with Corriente Master Fund, LP for proceeds of $5 million. Corriente has also bought the company's preferreds in previous deals.
Corriente bought the preferreds at $35.00 each. It also received warrants for 1,077,586 common shares, exercisable at $1.39 per share for seven years.
Each series D preferred share bears a 7% dividend per year, payable semiannually and is convertible into 30.17 shares of common stock.
Proceeds will be used to finance the further clinical development of the company's gene transfer technology for Parkinson's disease and other indications and for corporate purposes.
Located in Fort Lee, N.J., Neurologix is a research and development company focused on treatments for brain and central nervous system disorders.
| Issuer: | Neurologix, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $5 million
|
| Dividend: | 7%
|
| Price: | $35.00
|
| Conversion ratio: | Each preferred share into 30.17 common shares
|
| Warrants: | For 1,077,586 shares
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| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.39
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| Investor: | Corriente Master Fund, LP
|
| Settlement date: | April 29
|
| Stock symbol: | OTCBB: NRGX
|
| Stock price: | $0.80 at close April 28
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