By Devika Patel
Knoxville, Tenn., July 22 - Novelos Therapeutics, Inc. said it will raise $1.5 million in a registered direct offering of shares.
The company will sell 21,428,576 common shares at $0.07 apiece. Investors also will receive warrants for 16,071,434 common shares, which are each exercisable at $0.07 for five years.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used for research and development activities and general corporate purposes, including capital expenditures, working capital, and, potentially, acquisition activities.
Novelos is a Newton, Mass.-based biotechnology company.
| Issuer: | Novelos Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.5 million
|
| Shares: | 21,428,576
|
| Price: | $0.07
|
| Warrants: | For 16,071,434 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.07
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | July 22
|
| Stock symbol: | OTCBB: NVLT
|
| Stock price: | $0.12 at close July 21
|
| Market capitalization: | $4.54 million
|
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