By Sheri Kasprzak
New York, Oct. 24 - GlycoGenesys, Inc. said it has raised $20 million from an equity line with Fusion Capital Fund II, LLC.
Under the terms of the equity line, Fusion may buy shares of GlycoGenesys at the lesser of the lowest sale price on the date of a draw or the average of the three lowest closing sale prices for 12 consecutive trading days, ending the day before a draw.
The term of the agreement is 25 months, and there is a $40,000 limit for each trading day of the agreement.
The proceeds will be used for enrollment of its phase I and II multiple myeloma and chronic lymphocytic leukemia dose escalation trials. The rest will be used for general corporate purposes.
Based in Boston, GlycoGenesys is a biotechnology company focused on treatments for certain types of cancers.
| Issuer: | GlycoGenesys, Inc.
|
| Issue: | Equity line
|
| Amount: | $20 million
|
| Price: | The lesser of the lowest sale price on the day of a draw or the average of the three lowest closing sale prices for 12 consecutive trading days, ending the day before a draw
|
| Tenor: | 25 months
|
| Warrants: | No
|
| Investor: | Fusion Capital Fund II, LLC
|
| Settlement date: | Oct. 21
|
| Stock price: | $0.89 at close Oct. 21
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
