By Devika Patel
Knoxville, Tenn., March 6 - Penwest Pharmaceuticals Co. said it will raise $25.09 million from a private placement of shares and warrants.
The company will sell 8.1406 million units at $3.0825 per unit. The units consist of one common share and one half-share warrant.
The warrants are exercisable at $3.62 for five years.
Banc of America Securities LLC was agent.
Proceeds will be used for product development and working capital.
Based in Danbury, Conn., Penwest develops pharmaceutical products based on proprietary drug delivery technologies.
| Issuer: | Penwest Pharmaceuticals Co.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $25,091,550
|
| Units: | 8.1406 million
|
| Price: | $3.0825
|
| Warrants: | One half-share warrant per unit (4,070,301 shares)
|
| Warrant strike price: | $3.62
|
| Warrant expiration: | Five years
|
| Agent: | Banc of America Securities LLC
|
| Pricing date: | March 5
|
| Settlement: | March 11
|
| Stock symbol: | Nasdaq: PPCO
|
| Stock price: | $3.03 at close March 5
|
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