Company sells common shares to raise funds for existing drug portfolio
By Marisa Wong
Madison, Wis., Dec. 23 - Cleveland BioLabs, Inc. announced that it has agreed to sell 1.4 million shares of its common stock at a price of $5.99 per share in a registered direct offering to an accredited institutional investor, raising $8.39 million.
The price per share was determined based on a 15% discount to the volume-weighted average price of the company's common stock over the 10 trading days ended Dec. 22.
The offering is expected to close on Dec. 29.
The company expects net proceeds to total $7.73 million. It plans to use the proceeds for general corporate purposes, including to fund the continued development of its existing drug portfolio and for general working capital.
HFP Capital Markets, LLC and Rodman & Renshaw, LLC were co-placement agents for the offering.
Cleveland BioLabs is a drug discovery and development company based in Buffalo.
| Issuer: | Cleveland BioLabs, Inc.
|
| Issue: | Common shares
|
| Amount: | $8,386,000
|
| Shares: | 1.4 million
|
| Price: | $5.99
|
| Warrants: | No
|
| Agents: | HFP Capital Markets, LLC and Rodman & Renshaw, LLC
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Stock symbol: | Nasdaq: CBLI
|
| Stock price: | $7.21 at close Dec. 23
|
| Market capitalization: | $195.4 million
|
© 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.
