By Sheri Kasprzak
Atlanta, April 26 - Advancis Pharmaceuticals Corp. said it has raised $27,064,000 in a private placement.
The company sold 6.8 million shares at $3.98 each to Omega Fund, HealthCare Ventures and Rho Ventures, among others. Those investors have purchased 5.8 million shares.
The investors will also receive warrants for 2.4 million shares, exercisable at $4.78 each for five years.
The deal is expected to close April 29.
Lehman Brothers Inc. was the placement agent in the deal.
Based in Germantown, Md., Advancis is a pharmaceutical company focused on developing anti-infective products. The proceeds will be used to complete the company's phase III trials and to prepare for the commercial launch of Amoxicillin Pulsys. The remainder will be used for continued product development and for working capital and general corporate purposes.
| Issuer: | Advancis Pharmaceuticals Corp.
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| Issue: | Stock
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| Amount: | $27,064,000
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| Shares: | 6.8 million
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| Price: | $3.98
|
| Warrants: | For 2.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.78
|
| Placement agent: | Lehman Brothers Inc.
|
| Investors: | Omega Fund, HealthCare Ventures and Rho Ventures (for 5.8 million shares)
|
| Announcement date: | April 26
|
| Settlement date: | April 29
|
| Stock price: | $3.98 at close April 25
|
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