By Sheri Kasprzak
New York, Aug. 1 - Novelos Therapeutics, Inc. said it has completed a private placement for $4.15 million.
The company sold 166 units at $25,000 each.
Each unit is comprised of 20,000 common shares and 10,000 warrants. Each warrant is exercisable for one common share at $2.25 each for three years.
vFinance Investments, Inc. and Mercer Capital, Ltd. were the placement agents
Proceeds from the offering will be used for general corporate purposes, including clinical trials, research and development.
Newton, Mass.-based Novelos is a biotechnology company focused on treatments for cancer and hepatitis.
| Issuer: | Novelos Therapeutics, Inc.
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| Issue: | Units of 20,000 common shares and 10,000 warrants
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| Amount: | $4.15 million
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| Units: | 166
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| Price: | $25,000
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| Warrants: | 10,000 warrants per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.25
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| Placement agents: | vFinance Investments, Inc. and Mercer Capital, Ltd.
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| Settlement date: | Aug. 1
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| Stock price: | $3.17 at close Aug. 1
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