By Sheri Kasprzak
Atlanta, June 21 - Critical Therapeutics, Inc. said it has wrapped a private placement for $54,252,000.
The company sold 9.9 million shares at $5.48 each to Prospect Venture Partners III LP and other investors.
The investors also received warrants for 3.5 million shares, exercisable at $6.58 each.
Lehman Brothers Inc. and Deutsche Bank Securities Inc. were the placement agents in the offering.
Based in Lexington, Mass., Critical Therapeutics is a biopharmaceutical company focused on treatments for respiratory diseases. The proceeds will be used to launch an investigational asthma drug, to further the clinical and pre-clinical developments of its other drug candidates and to expand its drug discovery and development initiatives. The remainder will be used for general corporate purposes.
| Issuer: | Critical Therapeutics, Inc.
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| Issue: | Stock
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| Amount: | $54,252,000
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| Shares: | 9.9 million
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| Price: | $5.48
|
| Warrants: | For 3.5 million shares
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| Warrant strike price: | $6.58
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| Investors: | Prospect Venture Partners III LP
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| Placement agents: | Lehman Brothers Inc., Deutsche Bank Securities Inc.
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| Pricing date: | June 6
|
| Settlement date: | June 21
|
| Stock price: | $5.43 at close June 6
|
| Stock price: | $6.10 at close June 20
|
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