By Devika Patel
Knoxville, Tenn., March 13 - Northfield Laboratories Inc. will raise approximately $1.4 million in a registered direct offering of convertible preferred stock.
The preferred stock is convertible into common shares at $0.265 per share.
The investors also will receive 5,404,652 warrants. The warrants are exercisable at $0.53 for four years.
Rodman & Renshaw, LLC is the agent.
Settlement is expected March 18.
Proceeds will be used for general corporate purposes.
Northfield, based in Evanston, Ill., develops a red blood cell substitute.
| Issuer: | Northfield Laboratories Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $1.4 million (approximate)
|
| Conversion price: | $0.265
|
| Warrants: | 5,404,652
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.53
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Stock symbol: | Nasdaq: NFLD
|
| Stock price: | $0.54 at close March 12
|
| Market capitalization: | $13.2 million
|
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