By Sheri Kasprzak
New York, May 24 - NitroMed, Inc. plans to close a $19.76 million direct placement of its stock.
A group of institutional investors has agreed to buy 7.6 million shares at $2.60 each. The share price is a 20.5% discount to the company's $3.27 closing stock price on Wednesday.
The shares are being sold under the company's shelf registration.
Thomas Weisel Partners LLC was the placement agent.
Proceeds will be used for sales, marketing and commercialization efforts for the company's BiDil (isosorbide dinitrate/hydralazine hydrochloride) product for heart failure and for the development of the company's extended-release version of the product designed to be taken once a day.
Lexington, Mass.-based NitroMed develops treatments for heart failure and other heart conditions.
| Issuer: | NitroMed, Inc.
|
| Issue: | Stock
|
| Amount: | $19.76 million
|
| Shares: | 7.6 million
|
| Price: | $2.60
|
| Warrants: | No
|
| Placement agent: | Thomas Weisel Partners LLC
|
| Announcement date: | May 24
|
| Stock symbol: | Nasdaq: NTMD
|
| Stock price: | $3.27 at close May 23
|
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