By Sheri Kasprzak
Atlanta, Jan. 3 - RegeneRx Biopharmaceuticals Inc. said it has wrapped up the first tranche of a $5.86 million private placement for $1.25 million.
The company sold 384,615 shares at $3.25 each to current and new institutional investors. The lead investor in the deal was Sigma-Tau Group, RegeneRx's largest stockholder.
The investors also received warrants to buy additional shares totaling up to 25% of the shares issued in the financing. Each warrant allows for an additional share at $4.06 each for 36 months.
The second tranche of the offering, for $4.61 million, is expected to close during the first week of January.
Think Equity Partners LLC was the placement agent in the offering.
Based in Bethesda, Md., RegeneRX is a biopharmaceutical company focused on the treatment of acute and chronic wounds. It plans to use the proceeds from the offering for phase II wound-healing clinical trials, research and development and general operating purposes.
| Issuer: | RegeneRx Biopharmaceuticals Inc.
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| Issue: | Stock
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| Amount: | $1.25 million
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| Shares: | 384,615
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| Price: | $3.25
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| Warrants: | For up to 25% of the total shares sold
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| Warrant expiration: | 36 months
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| Warrant strike price: | $4.06
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| Placement agent: | Think Equity Partners LLC
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| Investor: | Sigma-Tau Group (lead)
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| Settlement date: | Jan. 3
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| Stock price: | $4.30 at close Dec. 30 (last trade)
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