By Sheri Kasprzak
New York, March 17 - Unigene Laboratories, Inc. is gearing up to conclude a $13 million private placement of stock with a group of institutional investors.
The offering includes 4 million shares at $3.25 each with warrants for 1 million additional shares.
The warrants are exercisable for five years at $4.25 each.
The price per share is a 13% discount to the company's $3.74 closing stock price on March 16, and the warrant strike price is a 13.6% premium to the same closing stock price.
Unigene said in a statement released Friday morning that it expected the deal to close by the end of the day Friday.
The company intends to use the proceeds to repay existing debt.
Based in Fairfield, N.J., Unigene is a biopharmaceutical company focused on developing oral and nasal delivery of peptide drugs to treat ailments like osteoporosis.
Issuer: | Unigene Laboratories, Inc.
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Issue: | Stock
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Amount: | $13 million
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Shares: | 4 million
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Price: | $3.25
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Warrants: | For 1 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $4.25
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Announcement date: | March 17
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Settlement date: | March 17
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Stock symbol: | OTCBB: UGNE
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Stock price: | $3.74 at close March 16
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