By Rebecca Melvin
New York, Jan. 30 - Ventrus Biosciences Inc. priced $5.5 million of series A convertible preferred stock, or 220,000 shares at $25 each, which will be non-voting. Each share will be convertible into 10 shares of Ventrus common stock, according to a release.
The preferred shares have no dividend or conversion premium, according to syndicate sources.
Ventrus also priced $14.5 million of common shares, or 5.8 million shares at $2.50 per share. There is an over-allotment option to purchase up to an additional 15% of shares sold in the common stock offering.
William Blair & Co. LLC was bookrunning manager for the registered, off-the-shelf offerings.
Settlement is expected on Feb. 4.
New York-based Ventrus is a development-stage pharmaceutical company focused on the development of late-stage prescription drugs for gastrointestinal problems.
| Issuer: | Ventrus Biosciences Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $5.5 million, or 220,000 shares at $25 each
|
| Concurrent offering: | $14.5 million of common stock, or 5.8 million shares at $2.50 each
|
| Bookrunner: | William Blair & Co. LLC
|
| Price: | Par, $25
|
| Conversion: | Each share will be convertible into 10 shares
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 4
|
| Distribution: | Registered, off the shelf
|
| Stock symbol: | Nasdaq: VTUS
|
| Stock price: | $3.28 at close Jan. 29
|
| Market capitalization: | $34.3 million
|
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