By Devika Patel
Knoxville, Tenn., April 22 - Raptor Pharmaceutical Corp. arranged a $15 million equity line of credit with Lincoln Park Capital Fund, LLC on April 16, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over 25 months in tranches of $100,000 to $1 million at a price based on the prevailing market prices without any fixed discount.
Lincoln Park also received 145,033 shares as a commitment fee and will receive up to 217,549 additional shares as it completes the agreement.
Proceeds will be used to support the company's clinical trials for DR Cysteamine in cystinosis and Huntington's disease and for other general corporate purposes.
Raptor is a Novato, Calif., biotechnology company that bioengineers novel drugs and drug-targeting platforms derived from the human receptor-associated protein and related proteins.
| Issuer: | Raptor Pharmaceutical Corp.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Tenor: | 25 months
|
| Price: | No fixed discount
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Fees: | 362,582 shares
|
| Settlement date: | April 16
|
| Stock symbol: | Nasdaq: RPTP
|
| Stock price: | $1.70 at close April 16
|
| Market capitalization: | $40.2 million
|
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