By Sheri Kasprzak
New York, March 21 - Metabolic Pharmaceuticals Ltd. said it pocketed A$12,986,000 from a private placement with a group of investors led by Indus Capital Partners, LLC.
Indus and the other institutional investors bought 30.2 million shares at A$0.43 each. The price per share is a 2% discount to the company's closing stock price of A$0.44 on March 16.
BBY Ltd. was the lead manager in Australia with Jefferies & Co. Inc. managing the offering in the United States.
Proceeds will be used to advance the company's pipeline of pain therapies, osteoporosis treatments and oral delivery of peptides.
Based in Melbourne, Australia, Metabolic is a biotechnology company focused on treatments for pain, osteoporosis, obesity and other conditions.
| Issuer: | Metabolic Pharmaceuticals Ltd.
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| Issue: | Stock
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| Amount: | A$12,986,000
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| Shares: | 30.2 million
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| Price: | A$0.43
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| Warrants: | No
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| Investors: | Indus Capital Partners, LLC (lead)
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| Placement agents: | BBY Ltd. and Jefferies & Co. Inc.
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| Settlement date: | March 21
|
| Stock symbol: | Australia: MBP
|
| Stock price: | A$0.455 at close March 21
|
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