By Sheri Kasprzak
New York, July 2 - pSivida Ltd. secured $18,002,500 from a registered direct placement of units.
The company plans to sell to Pfizer, Inc. and other investors 14.402 million units at $1.25 each.
The units consist of one American Depositary Share and one warrant for four-tenths of a share.
The whole warrants are exercisable at $1.65 each for five years.
The underlying shares will be sold under the company's shelf registration.
Cowen and Co., LLC and JMP Securities LLC were the placement agents for the offering.
The placement is set to close July 5, except for the units sold to Pfizer, which will close on July 13.
Based in Perth, Australia, pSivida is a bio-nanotech company focused on biomedical products and drug delivery products.
Issuer: | pSivida Ltd.
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Issue: | Units of one American Depositary Share and one warrant for four-tenths of a share
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Amount: | $18,002,500
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Units: | 14.402 million
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Price: | $1.25
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Warrants: | For four-tenths of a share per unit
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Warrant expiration: | Five years
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Warrant strike price: | $1.65
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Placement agents: | Cowen and Co., LLC (lead); JMP Securities LLC
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Announcement date: | July 2
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Settlement date: | July 5 (for all units except Pfizer Inc. units); July 13 (for Pfizer units)
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Stock symbol: | Nasdaq: PSDV
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Stock price: | $1.52 at close June 29
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