By Devika Patel
Knoxville, Tenn., April 10 - VioQuest Pharmaceuticals, Inc. said it has raised $2.96 million in a private placement of convertible preferred shares and a warrant.
On March 14, VioQuest sold 765 series A convertible preferred shares at $1,000 per share for $765,000. The company sold 2,195 series A convertible preferred shares at that price in the second tranche for $2.2 million.
The preferred stock is convertible into 49.3 million common shares at $0.06 per share. The shares pay 6% in dividends semiannually.
Investors also received a five-year warrant to buy 24.7 million common shares, which is exercisable at $0.10.
Proceeds will be used for general corporate purposes, including working capital.
Based in Basking Ridge, N.J., VioQuest develops and commercializes preclinical and clinical stage therapies for cancer, viruses and autoimmune disorders.
| Issuer: | VioQuest Pharmaceuticals, Inc.
|
| Issue: | Series A convertible preferred stock, warrant
|
| Amount: | $2.96 million
|
| Shares: | 2,960
|
| Price: | $1,000
|
| Dividends: | 6%, payable semiannually
|
| Conversion price: | $0.06
|
| Warrants: | For 24.7 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10
|
| Settlement date: | April 10
|
| Stock symbol: | OTCBB: VQPH
|
| Stock price: | $0.10 at close April 9
|
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