Company sells 833,332 shares, two series of warrants to Sabby
By Marisa Wong
Morgantown, W.Va., May 19 – Oncobiologics, Inc. raised $5 million from a private placement of common stock arranged on May 11 and completed on May 18, according to an 8-K filing with the Securities and Exchange Commission.
The company issued to Sabby Healthcare Master Fund Ltd. 833,332 shares of common stock, along with 416,666 of series A warrants and 416,666 of series B warrants.
The shares were sold at $6.00 each, which is the price under the company’s concurrent initial public offering of units. The company priced its $35 million IPO on May 12.
Each series A warrant entitles the holder to purchase one common share at an initial exercise price of $6.60 per share and will expire on Feb. 18, 2017. Each series B warrant entitles the holder to purchase one common share at an initial exercise price of $8.50 per share and will expire on May 18, 2018.
Oncobiologics is a biopharmaceutical company is based in Cranbury, N.J.
| Issuer: | Oncobiologics, Inc.
|
| Issue: | Common stock, warrants
|
| Amount: | $5 million
|
| Shares: | 833,332
|
| Price: | $6.00
|
| Warrants: | 416,666 of series A warrants and 416,666 of series B warrants
|
| Warrant expiration: | Feb. 18, 2017 for series A, May 18, 2018 for series B
|
| Warrant strike price: | $6.60 for series A, $8.50 for series B
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| Investor: | Sabby Healthcare Master Fund Ltd.
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| Pricing date: | May 11
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| Settlement date: | May 18
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| Stock symbol: | Nasdaq: ONSIU
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| Stock price: | $5.11 at close May 18
|
| Market capitalization: | $115.38 million
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