Deal's proceeds used to further product development, form partnerships
By Devika Patel
Knoxville, Tenn., July 6 - Aradigm Corp. said it arranged a $4.75 million private placement of stock through agent Ladenburg Thalmann & Co. Inc. Investors include First Eagle Investment Management LLC and Tavistock Life Sciences.
The company will sell 25 million common shares at $0.19 apiece. The per-share purchase price is a 5.56% premium to $0.18, the closing price of the stock on July 5.
Settlement is expected July 7.
"We are very pleased for the support demonstrated by our shareholders in this private placement," president and chief executive officer Igor Gonda stated. "These proceeds, together with the proceeds from our recent royalty financing transaction, will enable us to further our product development and formation of partnerships for commercialization."
Hayward, Calif.-based Aradigm develops non-invasive delivery systems for self-administration of biopharmaceuticals and small molecules.
| Issuer: | Aradigm Corp.
|
| Issue: | Common stock
|
| Amount: | $4.75 million
|
| Shares: | 25 million
|
| Price: | $0.19
|
| Warrants: | No
|
| Agent: | Ladenburg Thalmann & Co. Inc.
|
| Investors: | First Eagle Investment Management LLC and Tavistock Life Sciences
|
| Pricing date: | July 5
|
| Settlement date: | July 7
|
| Stock symbol: | OTCBB: ARDM
|
| Stock price: | $0.18 at close July 5
|
| Market capitalization: | $32.34 million
|
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