By Sheri Kasprzak
New York, Dec. 15 - CepTor Corp. said it has concluded a private placement of convertible debentures for $2 million with Cornell Capital Partners, LP.
The 8% debentures mature in three years and are convertible into common shares at the lesser of 105% of the closing bid price on the day before closing of the offering or 95% of the lowest closing bid price for the 20 trading days immediately before conversion.
The investors also received warrants for up to 1 million shares, exercisable for three years at 110% of the closing bid price on the day before closing.
Proceeds will be used to keep on schedule the company's Investigational New Drug Application for its Myodur product to treat muscular dystrophy.
Based in Hunt Valley, Md., CepTor is a biopharmaceutical company focused on treatments for neuromuscular and neurodegenerative diseases like muscular dystrophy and multiple sclerosis.
| Issuer: | CepTor Corp.
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| Issue: | Convertible debentures
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| Amount: | $2 million
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| Maturity: | Three years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | Equal to 105% of the closing bid price the day before closing or 95% of the lowest closing bid price for the 20 trading days before conversion
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| Warrants: | For 1 million shares
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| Warrant expiration: | Three years
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| Warrant strike price: | Equal to 110% of the closing bid price on the day before closing
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | Dec. 9
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| Stock price: | $0.95 at close Dec. 9
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