Deal sells 2.63 million units of share, 0.325 warrants, 0.4 warrants
By Devika Patel
Knoxville, Tenn., Aug. 2 - Transition Therapeutics Inc. said it negotiated an $11 million private placement of units.
The company will sell 2,625,298 units of one common share, 0.325 warrants and 0.4 warrants at $4.19 per unit.
The whole 0.325 warrants are each exercisable at $4.60 for two years. The whole 0.4 warrants are each exercisable at $6.50 for two years. The strike prices are 14.43% and 61.69% premiums to the Aug. 1 closing share price of $4.02.
Jack W. Schuler, Larry N. Feinberg and Oracle Investment Management are among the investors.
Settlement is expected Aug. 15.
Proceeds will be used to complete three major phase 2 studies.
Transition is a Toronto-based biopharmaceutical company.
| Issuer: | Transition Therapeutics Inc.
|
| Issue: | Units of one common share, 0.325 warrants and 0.4 warrants
|
| Amount: | $11 million
|
| Units: | 2,625,298
|
| Price: | $4.19
|
| Warrants: | 0.325 and 0.4 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $4.60, $6.50
|
| Agent: | Dawson James Securities, Inc.
|
| Investor: | Jack W. Schuler, Larry N. Feinberg and Oracle Investment Management
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Nasdaq: TTHI
|
| Stock price: | $4.02 at close Aug. 1
|
| Market capitalization: | $115.68 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
