8% three-year convertible senior notes offered by Maxim through deal
By Devika Patel
Knoxville, Tenn., Oct. 15 – Rock Creek Pharmaceuticals, Inc. said it plans a $20 million private placement of 8% three-year convertible senior notes with two investors. Maxim Group LLC is the agent for the deal, which priced on Wednesday and is expected to settle Thursday.
The notes initially may be converted into common stock at $1.12 per share, which is a 30.23% premium to the Oct. 13 closing share price of $0.86.
Proceeds will be used for general corporate purposes and drug development programs.
The pharmaceutical company is based in Sarasota, Fla.
| Issuer: | Rock Creek Pharmaceuticals, Inc.
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| Issue: | Convertible senior notes
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| Amount: | $20 million
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| Maturity: | Three years
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| Coupon: | 8%
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| Conversion price: | $1.12
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| Warrants: | No
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| Agent: | Maxim Group LLC
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 15
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| Stock symbol: | Nasdaq: RCPI
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| Stock price: | $0.86 at close Oct. 13
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| Market capitalization: | $10.36 million
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