By Sheri Kasprzak
New York, April 10 - Cougar Biotechnology, Inc. said it has settled a $47,575,000 private placement conducted along with its reverse merger with SRKP 4, Inc.
Cougar sold 27.5 million shares at $1.73 each to a group of institutional and accredited investors led by Adage Capital Management, LP and including Brookside Capital, funds managed by T. Rowe Price Associates, Merlin Biomed Group, RA Capital Management and Tavistock Life Sciences.
Cowen & Co., LLC and Paramount BioCapital, Inc. were the placement agents.
Under the terms of the reverse merger, Cougar will remain as the surviving company after mering into SRKP 4. SRKP 4 was renamed Cougar.
Proceeds will be used for the clinical development of Cougar's CB7630, CB3304 and CB1089 clinical drug candidates, as well as the development of other drug candidates. The remainder will be used for working capital and general corporate purposes.
Los Angeles-based Cougar is a biotechnology company focused on the development of tumor therapies.
| Issuer: | Cougar Biotechnology, Inc.
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| Issue: | Stock
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| Amount: | $47,575,000
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| Units: | 27.5 million
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| Price: | $1.73
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| Warrants: | No
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| Placement agents: | Cowen & Co., LLC and Paramount BioCapital, Inc.
|
| Investors: | Adage Capital Management, LP (lead); Brookside Capital; T. Rowe Price Associates; Merlin Biomed Group; RA Capital Management; Tavistock Life Sciences
|
| Settlement date: | April 10
|
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