Funds used for clinical trials, research, development, working capital
By Devika Patel
Knoxville, Tenn., July 17 - BrainStorm Cell Therapeutics Inc. said it priced a registered public offering of stock to raise about $5.75 million. Maxim Group LLC is the lead placement agent.
The company will sell about 19.8 million common shares at $0.29 apiece. The per-share purchase price is identical to the closing price of the stock on July 16.
Investors also will receive warrants for about 14.9 million common shares. The 30-month warrants are each exercisable at $0.29, also identical to the July 16 closing price.
Settlement is expected July 20.
Proceeds will be used for clinical trials in the United States and Israel, research and development, working capital needs, capital expenditures and other general corporate purposes.
New York-based BrainStorm develops adult stem cell therapeutic products derived from bone marrow cells to treat neurodegenerative diseases.
| Issuer: | BrainStorm Cell Therapeutics Inc.
|
| Issue: | Common stock
|
| Amount: | $5.75 million (approximate)
|
| Shares: | 19.8 million (approximate)
|
| Price: | $0.29
|
| Warrants: | For approximately 14.9 million shares
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | $0.29
|
| Agent: | Maxim Group LLC (lead)
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| Pricing date: | July 17
|
| Settlement date: | July 20
|
| Stock symbol: | OTCBB: BCLI
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| Stock price: | $0.29 at close July 16
|
| Market capitalization: | $33.29 million
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