By Laura Lutz
Des Moines, Sept. 20 - Ardana plc arranged a private placement of 5,493,362 ordinary shares with institutional investors to raise £6,317,366.
The company sold the shares for 115p each, a 9.1% discount to the stock's closing price on Sept. 19.
Piper Jaffray Ltd. was the underwriter for the deal.
Under the same terms, the company offered five new shares for every 29 existing shares to qualifying shareholders and sold 44,573 new shares to directors of the company.
The company raised a total of £11 million from all three deals.
Proceeds will be used for clinical development of Ardana's Growth Hormone Secretagogue, a diagnostic and an AIDS lipodystrophy, and for the launch of Emselex, an overactive bladder treatment that the company has licensed.
Settlement is expected on Oct. 11.
Ardana is a pharmaceutical company based in Edinburgh.
| Issuer: | Ardana plc
|
| Issue: | Stock
|
| Amount: | £6,317,366
|
| Shares: | 5,493,362
|
| Price: | 115p
|
| Warrants: | No
|
| Underwriter: | Piper Jaffray
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 11
|
| Stock symbol: | London: ARA
|
| Stock price: | 125p at close on Sept. 20
|
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