Deal will finance corporate purposes, clinical trials, working capital
By Devika Patel
Knoxville, Tenn., Feb. 5 – Asterias Biotherapeutics, Inc. said it will raise about $5.5 million in a public sale and private placement of stock. The public deal was announced Wednesday and is being conducted by bookrunner MLV & Co. LLC.
The company will sell common shares at $3.90 apiece in the public sale and private placement. The price per share is identical to the Feb. 4 closing share price.
Settlement is expected Feb. 10.
Proceeds will be used for general corporate purposes, including clinical trials, research and development, capital expenditures and working capital.
The Menlo Park, Calif., company is a subsidiary of BioTime, Inc., an Alameda, Calif., biotechnology company.
| Issuer: | Asterias Biotherapeutics, Inc.
|
| Issue: | Common stock
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| Amount: | $5.5 million (approximate)
|
| Price: | $3.90
|
| Warrants: | No
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| Bookrunner: | MLV & Co. LLC
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| Announcement date: | Feb. 4
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| Pricing date: | Feb. 5
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| Settlement date: | Feb. 10
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| Stock symbol: | NYSE: AST
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| Stock price: | $3.90 at close Feb. 4
|
| Market capitalization: | $117.43 million
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