By Sheri Kasprzak
New York, Nov. 3 - Novelos Therapeutics, Inc. raised another $200,000 from its previously announced private placement of series A convertible preferred stock.
The company issued 200 shares of the preferreds at $1,000 each to institutional investors.
The investors received warrants for 60,606 shares, exercisable at $2.00 each for five years.
The 8% preferreds are convertible into common shares at $1.65 each and are redeemable at 120% of face value plus accrued dividends.
On Sept. 30, the company issued $3 million of the convertible preferreds under the same terms.
Based in Newton, Mass., Novelos is a biotechnology company focused on treatments for cancer and hepatitis C, among other diseases.
| Issuer: | Novelos Therapeutics, Inc.
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| Issue: | Series A cumulative convertible preferred stock
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| Amount: | $200,000
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| Shares: | 200
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| Price: | $1,000
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| Dividends: | 8%
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| Conversion price: | $1.65
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| Warrants: | For 60,606 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Settlement date: | Oct. 3
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| Stock price: | $3.50 at close Oct. 3
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