By Sheri Kasprzak
New York, Dec. 11 - Advancis Pharmaceutical Corp. is gearing up to seal an $18 million private placement of stock.
A group of institutional investors has agreed to buy 6 million shares in the deal, which is scheduled to close Thursday. The $3.00 price per share is a 10.4% discount to the company's $3.35 closing stock price on Friday.
Pacific Growth Equities, LLC was the lead agent with Susquehanna Financial Group, LLLP as co-agent.
Proceeds will be used for the commercial launch of the company's Amoxicillin Pulsys, for the development of other products and for working capital.
Located in Germantown, Md., Advancis is a pharmaceutical company focused on developing anti-infective products.
| Issuer: | Advancis Pharmaceutical Corp.
|
| Issue: | Stock
|
| Amount: | $18 million
|
| Shares: | 6 million
|
| Price: | $3.00
|
| Warrants: | No
|
| Placement agents: | Pacific Growth Equities, LLC (lead), Susquehanna Financial Group, LLLP
|
| Announcement date: | Dec. 11
|
| Settlement date: | Dec. 14
|
| Stock symbol: | Nasdaq: AVNC
|
| Stock price: | $3.35 at close Dec. 8
|
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