By Sheri Kasprzak
Atlanta, May 27 - NovaDel Pharma Inc. said it has wrapped up a private placement of stock for $7,035,000.
The company sold 6.7 million shares at $1.05 each to institutional investors including ProQuest Investments and Caisse de depot et placement du Quebec.
The investors also received warrants for 2.4 million shares at $1.30 each for five years.
Paramount BioCapital Inc. was the placement agent.
Based in Flemington, N.J., NovaDel is a pharmaceutical company that produces oral sprays and gelatin capsules. It plans to use the proceeds to advance the clinical development of its lingual spray products.
| Issuer: | NovaDel Pharma Inc.
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| Issue: | Stock
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| Amount: | $7,035,000
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| Shares: | 6.7 million
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| Price: | $1.05
|
| Warrants: | For 2.4 million
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.30
|
| Placement agent: | Paramount BioCapital Inc.
|
| Investors: | ProQuest Investments (lead); Caisse de depot et placement du Quebec
|
| Settlement date: | May 26
|
| Stock price: | $1.18 at close May 26
|
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