By Sheri Kasprzak
New York, July 7 - Sirna Therapeutics, Inc. has revealed the full details of its previously announced $28.01 million private placement.
The company completed the initial closing of the deal Wednesday, selling 8,319,564 shares at $1.60 each for $13,311,302. The price per share is a 4% discount to the company's closing stock price on July 1.
The investors, which include Sprout Group, Oxford Bioscience Partners and Venrock Associates, received warrants for 2,995,043 shares, exercisable at $1.92 each, a 15% premium to the company's closing stock price on July 1. The warrants expire July 6, 2010.
In all, the company plans to sell 17,506,250 shares and will issue warrants for 6,302,246 shares.
Thomas Weisel Partners is the placement agent, and Leerink Swann and Brean Murray are the co-advisers.
Sirna, based in Boulder, Colo., is a biotechnology company focused on RNA interference therapies for age-related macular degeneration and other ailments. The proceeds will be used for the ongoing development of the company's age-related macular degeneration treatments, including a phase 2 clinical trial and two pre-clinical trials.
| Issuer: | Sirna Therapeutics, Inc.
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| Issue: | Stock
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| Amount: | $28.01 million
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| Shares: | 17,506,250
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| Price: | $1.60
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| Warrants: | For 6,302,246 shares
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| Warrant expiration: | July 6, 2010
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| Warrant strike price: | $1.92
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| Placement agents: | Thomas Weisel Partners (lead); Leerink Swann; Brean Murray
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| Investors: | Sprout Group, Oxford Bioscience Partners, Venrock Associates
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| Pricing date: | July 1
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| Settlement date: | July 6 (for $13,311,302 of the offering)
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| Stock price: | $1.67 at close July 1
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| Stock price: | $1.67 at close July 6
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