By Sheri Kasprzak
New York, Oct. 20 - Encysive Pharmaceuticals Inc. has revealed the terms on its previously announced $75 million equity line of credit with Azimuth Opportunity Ltd.
Over the next 18 months, Azimuth may buy shares of Encysive at a discount ranging from 2.875% to 5.875%, based on the company's then-current stock price.
Each draw is limited in size to the lesser of 2.5% of the company's market capitalization or a fixed amount ranging from $6 million to $29.5 million, based on the company's then-current stock price.
Encysive may also, from time to time, issue options for additional shares during each draw down period, at its discretion.
Proceeds will be used for general corporate purposes, including the development and commercialization of the company's products.
Houston-based Encysive develops novel, synthetic and small-molecule compounds used to treat vascular and inflammatory diseases.
| Issuer: | Encysive Pharmaceuticals Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $75 million
|
| Tenor: | 18 months
|
| Price: | Discounts ranging from 2.875% to 5.875% of company's then-current stock price
|
| Warrants: | No
|
| Investor: | Azimuth Opportunity Ltd.
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| Settlement date: | Oct. 19
|
| Stock symbol: | Nasdaq: ENCY
|
| Stock price: | $5.19 at close Oct. 19
|
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