By Sheri Kasprzak
New York, March 2 - Novelos Therapeutics, Inc. priced a $12,865,500 private placement, then added a further $2.2 million, bringing the total proceeds from the offering to $15,052,500.
The company has secured definitive agreements from institutional investors for 11.15 million shares at $1.35 each.
The investors will now receive 8.37 million warrants, exercisable for an additional share at $2.50.
The offering was announced Thursday morning as a $12,865,500 offering of 9.53 million shares.
Oppenheimer & Co. and Rodman & Renshaw LLC were the placement agents.
Proceeds will be used for the phase 3 development of NOV-002, the company's lung cancer treatment, as well as the clinical development of some of the company's other programs, including a compound for chemotherapy-resistant ovarian cancer and chronic hepatitis B.
Based in Newton, Mass., Novelos is a biotechnology company focused on treatments for cancer and hepatitis B.
| Issuer: | Novelos Therapeutics, Inc.
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| Issue: | Stock
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| Amount: | $15,052,500
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| Shares: | 11.15 million
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| Price: | $1.35
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| Warrants: | For 8.37 million shares
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| Warrant strike price: | $2.50
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| Placement agents: | Oppenheimer & Co., Rodman & Renshaw LLC
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| Announcement date: | March 2
|
| Stock symbol: | OTCBB: NVLT
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| Stock price: | $1.99 at close March 1
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| Stock price: | $2.00 at close March 2
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