By Sheri Kasprzak
New York, Dec. 21 - CollaGenex Pharmaceuticals, Inc. said it received definitive agreements from institutional and other investors for a $29 million direct placement.
The company intends to sell 2.9 million shares to the investors in two tranches, the last of which is expected to close in early January.
The shares are priced at $10.00, a 0.2% discount to the 30-day average closing price of $10.02.
The shares are being sold under CollaGenex's shelf registration.
Proceeds will be used for research and development, manufacturing, clinical trials and general corporate purposes.
Roth Capital Partners, LLC is the placement agent.
Based in Newtown, Pa., CollaGenex develops dermatology products.
| Issuer: | CollaGenex Pharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $29 million
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| Shares: | 2.9 million
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| Price: | $10.00
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| Warrants: | No
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| Placement agent: | Roth Capital Partners, LLC
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| Announcement date: | Dec. 21
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| Stock price: | $11.71 at close Dec. 20
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