Series A convertible preferred stock converts to common stock at $0.48
By Devika Patel
Knoxville, Tenn., Oct. 15 – ContraVir Pharmaceuticals, Inc. said it settled a $9 million private placement of series A convertible preferred stock.
The preferreds are convertible into common stock at $0.48 per share, which is a 26.15% discount to the Oct. 14 closing share price of $0.65.
Proceeds will be used for a Phase 2b clinical study for the company's lead asset, FV-100, an oral antiviral agent being developed for the treatment of herpes zoster, or shingles.
“This $9 million financing is the first step in a corporate and clinical strategy to accelerate the growth of ContraVir and seize upon the significant potential of FV-100,” chief executive officer of James Sapirstein said in a press release.
“Not only are we now capitalized to initiate the Phase 2b clinical trial of FV-100 in shingles, but we are also well positioned to target additional opportunities to add to our pipeline and build ContraVir as a multifaceted antiviral company.”
The biopharmaceutical company is based in Edison, N.J.
| Issuer: | ContraVir Pharmaceuticals, Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $9 million
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| Conversion price: | $0.48
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| Warrants: | No
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| Settlement date: | Oct. 15
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| Stock symbol: | OTCBB: CTRV
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| Stock price: | $0.65 at close Oct. 14
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| Market capitalization: | $25.61 million
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