By Sheri Kasprzak
Atlanta, Nov. 29 - Rita Medical Systems Inc. said Friday it has raised $12 million in a private placement.
The company issued 4.4 million shares at $2.75 each. The buyers, a group of institutional and accredited investors, received warrants for about 3.3 million shares at $4 per share through Nov. 24, 2009.
The investors in the deal included SF Capital Partners and BayStar Capital, which both bought 1,454,545 shares and warrants for 1,090,908 shares. Capital Ventures International and Walker Smith Capital bought 727,172 shares in the deal and warrants for 545,454 shares.
Wells Fargo Securities LLC was placement agent in the offering.
Based in Mountain View, Calif., Rita Medical Systems manufactures and markets products for cancer patients. The company intends to use the proceeds from the offering for working capital and general corporate purposes.
| Issuer: | Rita Medical Systems Inc.
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| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 4.4 million
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| Price: | $2.75
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| Warrants: | For 3.3 million shares
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| Warrant expiration: | Nov. 24, 2009
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| Warrant strike price: | $4
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| Placement agent: | Wells Fargo Securities LLC
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| Investors: | SF Capital Partners, BayStar Capital, Capital Ventures International, Walker Smith Capital
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| Pricing date: | Nov. 23
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| Settlement date: | Nov. 26
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| Stock price: | $3 at close Nov. 23
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| Stock price: | $3.01 at close Nov. 26
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