By Sheri Kasprzak
New York, Oct. 19 - VioQuest Pharmaceuticals, Inc. said is wrapped an $8.4 million private placement related to its acquisition Greenwich Therapeutics.
VioQuest issued to institutional investors 11.2 million shares at $0.75 and warrants for 4.5 million shares, exercisable at $1.00 each for five years.
Paramount BioCapital, Inc. was the placement agent for the transaction.
Under terms of the acquisition, VioQuest issued 17,128,790 shares to Greenwich's former stockholders. The former stockholders also received warrants for 4 million shares, exercisable for five years at $1.41 each.
The acquisition gives VioQuest the rights to two anti-cancer compounds - VQS-001 and VQD-002 - previously held by Greenwich.
Based in Monmouth Junction, N.J., VioQuest develops early clinical stage therapies for cancer, as well as viral and autoimmune disorders.
| Issuer: | VioQuest Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $8.4 million
|
| Shares: | 11.2 million
|
| Price: | $0.75
|
| Warrants: | For 4.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Placement agent: | Paramount BioCapital, Inc.
|
| Settlement date: | Oct. 19
|
| Stock price: | $0.85 at close Oct. 18
|
|
|
© 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.
