By Sheri Kasprzak
New York, Aug. 22 - FermaVir Pharmaceuticals, Inc. said it has closed a private placement for $2,118,390.
The company issued 2,824,520 shares at $0.75 each to 17 accredited investors.
The investors also received warrants for 423,750 shares, exercisable at $1.50 each for five years.
The offering was conducted as part of FermaVir Pharmaceuticals' acquisition of FermaVir Research, Inc. FermaVir Pharmaceuticals had previously been known as Venus Beauty Supply, Inc. As part of the acquisition, the company is also preparing a 38.25 for 1 stock split.
The company issued 1,829,000 of its shares for all of the outstanding shares of FermaVir Research. FermaVir Pharmaceuticals also issued 1.85 million options under its new equity plan.
In other news, FermaVir redeemed for 67.68 million shares a $750,000 6% unsecured promissory note due on Nov. 15, 2005.
Based in New York, FermaVir Pharmaceuticals is focused on the development of treatments for viral diseases.
| Issuer: | FermaVir Pharmaceuticals, Inc.
|
| Issue: | Stock
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| Amount: | $2,118,390
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| Shares: | 2,824,520
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| Price: | $0.75
|
| Warrants: | For 423,750 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | Aug. 16
|
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