Company sells 2,631,579 shares for $1.90 each in two closings
By Angela McDaniels
Tacoma, Wash., May 16 – Fennec Pharmaceuticals Inc. completed the second closing of its non-brokered private placement of common stock, increasing the amount sold in the offering to $5 million.
In the placement, Essetifin SpA acquired 1,092,828 shares for $2.08 million on April 8 and 1,538,751 shares for $2.92 million on May 16. It now holds 2,631,579 common shares, which represents 19.3% of the company's issued and outstanding shares.
All shares were issued at a price of $1.90 each, which is a 14.5% premium to the April 7 closing share price of $1.66.
Proceeds will be used for the development of sodium thiosulfate to prevent platinum-induced chemotherapy ototoxicity in pediatric patients and general working capital purposes.
The pharmaceutical company is based in Research Triangle Park, N.C.
| Issuer: | Fennec Pharmaceuticals Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 2,631,579
|
| Price: | $1.90
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Investor: | Essetifin SpA
|
| Pricing date: | April 8
|
| Settlement dates: | April 8 for $2,076,373 and May 16 for $2,923,627
|
| Stock symbol: | OTCBB: FENCF
|
| Stock price: | $1.66 at close April 7
|
| Market capitalization: | $20.24 million
|
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