By Sheri Kasprzak
New York, Nov. 30 - Allon Therapeutics Inc. concluded the second and final tranche of its previously announced private placement for C$10.02 million.
The company most recently sold 1.275 million units at C$0.80 apiece.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$1.00 for two years.
The first tranche of the offering, for C$9 million, closed on Nov. 14.
The deal priced Oct. 25 as an C$8 million offering of up to 10 million units under the same terms.
Proceeds will be used to generate results from the company's ongoing phase 2 trial in mild cognitive impairment after coronary artery bypass graft surgery and the phase 2 trial in an Alzheimer's related condition that is expected to begin before the end of 2006. The remainder will be used for general corporate purposes.
Blackmont Capital Inc. and Clarus Securities Inc. were the lead agents in the syndicate, which also included Sprott Securities Inc.
Vancouver, B.C.-based Allon develops drugs that protect against neurodegenerative diseases like Alzheimer's disease, stroke, traumatic brain injury, multiple sclerosis and neuropathy.
| Issuer: | Allon Therapeutics Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$10.02 million
|
| Units: | 12.525 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Placement agents: | Blackmont Capital Inc. (lead), Clarus Securities Inc. (lead), Sprott Securities Inc.
|
| Settlement date: | Nov. 29
|
| Stock symbol: | Toronto: NPC
|
| Stock price: | C$1.00 at close Nov. 29
|
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