New York, Nov. 30 - Radient Pharmaceuticals Corp. said it agreed on terms of a $1 million registered direct sale of common stock to institutional investors.
The company sold 3,289,472 shares at $0.28 each.
Investors will also receive warrants for 1,644,736 shares, exercisable at $1.25 for six years starting six months after closing.
Closing of the offering will take place after conditions are met.
Jesup & Lamont Securities Corp. was agent.
Proceeds will be used for research and development of Radient's Onko-Sure in vitro diagnostic cancer test and general corporate purposes.
Radient is a Tustin, Calif., pharmaceutical company.
| Issuer: | Radient Pharmaceuticals Corp.
|
| Issue: | Stock and warrants
|
| Amount: | $1 million
|
| Shares: | 3,289,472
|
| Price: | $0.28
|
| Warrants: | For 1,644,736 shares
|
| Warrant strike price: | $1.25
|
| Warrant expiration: | 6.5 years
|
| Placement agent: | Jesup & Lamont Securities Corp.
|
| Pricing date: | Nov. 30
|
| Stock symbol: | NYSE Amex: RPC
|
| Stock price: | $0.42 at close Nov. 30
|
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