By Sheri Kasprzak
Atlanta, May 9 - Advancis Pharmaceuticals Corp. said it has wrapped an upsized private placement for $27.25 million.
The company sold 6,846,733.67 shares at $3.98 each.
The investors received warrants for 2.4 million shares, exercisable at $4.78 each for five years.
Omega Fund, HealthCare Ventures and Rho Ventures purchased a total of 5.8 million shares.
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 ongoing 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.
|
| Issue: | Stock
|
| Amount: | $27.25 million
|
| Shares: | 6,846,733.67
|
| 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 (leads)
|
| Announcement date: | April 26
|
| Settlement date: | May 9
|
| Stock price: | $3.87 at close April 26
|
| Stock price: | $5.25 at close May 9
|
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