By Devika Patel
Knoxville, Tenn., July 8 - Nile Therapeutics, Inc. announced it has received commitments for a private placement of units, which is slated to raise approximately $3.4 million.
The company will sell approximately 2.7 million units at $1.25 per unit. Each unit consists of one common share and one warrant.
The warrants will be issued in three tranches, with 25% exercisable at $1.25, 25% exercisable at $1.71 and 50% exercisable at $2.28.
Proceeds will be used to support the advancement of Nile's lead compound, CD-NP, through its phase 2 study.
Based in San Francisco, Nile Therapeutics is a biopharmaceutical company that is developing products to treat cardiovascular diseases.
| Issuer: | Nile Therapeutics, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3.4 million (approximate)
|
| Units: | 2.7 million (approximate)
|
| Price: | $1.25
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $1.25 (25%), $1.71 (25%), $2.28 (50%)
|
| Pricing date: | July 8
|
| Stock symbol: | Nasdaq: NLTX
|
| Stock price: | $1.14 at close July 7
|
| Market capitalization: | $29 million
|
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