Venture Investors is lead investor; deal settled alongside acquisition
By Devika Patel
Knoxville, Tenn., April 11 - Novelos Therapeutics, Inc. said it settled a $5.13 million private placement of units alongside its acquisition of Cellectar, Inc., a Wisconsin-based drug development company, in a stock-for-stock transaction. The lead investor was Venture Investors LLC.
The company sold 6,846,537 units of one common share and a warrant at $0.75 per unit. The warrants are each exercisable at $0.75 until March 2016. The strike price reflects an 80.21% discount to the April 8 closing share price of $3.79.
Rodman & Renshaw, LLC was the agent.
Novelos is a Madison, Wis.-based biotechnology company.
| Issuer: | Novelos Therapeutics, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $5,134,903
|
| Units: | 6,846,537
|
| Price: | $0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | March 2016
|
| Warrant strike price: | $0.75
|
| Agent: | Rodman & Renshaw, LLC
|
| Investor: | Venture Investors LLC (lead)
|
| Settlement date: | April 11
|
| Stock symbol: | OTCBB: NVLTD
|
| Stock price: | $3.79 at close April 8
|
| Market capitalization: | $2.78 million
|
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