By Sheri Kasprzak
Atlanta, Dec. 7 - Innovative Drug Delivery Systems Inc. said Tuesday it has closed a private placement for $18 million.
The company issued 6 million shares at $3 each.
Rodman & Renshaw LLC was the placement agent in the offering.
The company also announced Tuesday that it has merged with Intract Inc. In the merger, investors in Innovative Drug Delivery Systems' private placement will receive about 24% of Intract's outstanding shares.
Based in New York, Innovative Drug is a specialty pharmaceutical company.
| Issuer: | Innovative Drug Delivery Systems Inc.
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| Issue: | Stock
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| Amount: | $18 million
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| Shares: | 6 million
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| Price: | $3.00
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| Warrants: | No
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| Placement agent: | Rodman & Renshaw LLC
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| Settlement date: | Dec. 7
|
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