Published on 11/12/2009 in the Prospect News PIPE Daily.
New Issue: Novelos Therapeutics settles $9 million placement of stock, warrants
By Devika Patel
Knoxville, Tenn., Nov. 12 - Novelos Therapeutics, Inc. said it took in $5.5 million in the second tranche of a $9 million private placement of shares and warrants. It raised $3.5 million on Aug. 26.
The company sold a total of 13,636,364 common shares to Purdue Pharma LP. Purdue also received warrants for 4,772,730 common shares, exercisable at $0.66 until Dec. 31, 2015.
Purdue bought 5,303,030 shares and warrants for 1,856,062 shares in the first tranche. It bought 8,333,334 shares and warrants for 2,916,668 shares in the second closing.
Novelos is a Newton, Mass.-based biotechnology company.
Issuer: | Novelos Therapeutics, Inc.
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Issue: | Common stock
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Amount: | $9 million
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Shares: | 13,636,364
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Warrants: | For 4,772,730 shares
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Warrant expiration: | Dec. 31, 2015
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Warrant strike price: | $0.66
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Investor: | Purdue Pharma LP
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Pricing date: | Aug. 26
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Settlement date: | Aug. 26 (for $3.5 million), Nov. 12 (for $5.5 million)
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Stock symbol: | OTCBB: NVLT
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Stock price: | $0.80 at close Aug. 25
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Market capitalization: | $34.5 million
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