By Devika Patel
Knoxville, Tenn., July 23 - Cardiome Pharma Corp. announced it has arranged a $25 million non-brokered private placement of convertible preferred stock.
The company will sell 2,272,727 series A preferred shares at $11.00 apiece to CR Intrinsic Investments, LLC.
The preferreds will be convertible into common shares on a one-to-one basis. They will not pay dividends.
Proceeds will be used for general corporate purposes, costs associated with the ongoing strategic process and continued development of Cardiome's clinical programs.
Cardiome is a Vancouver, B.C., cardiovascular drug development company.
| Issuer: | Cardiome Pharma Corp.
|
| Issue: | Series A preferred stock
|
| Amount: | $25 million
|
| Shares: | 2,272,727
|
| Price: | $11.00
|
| Conversion ratio: | 1 to 1
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | CR Intrinsic Investments, LLC
|
| Pricing date: | July 23
|
| Stock symbol: | Nasdaq: CRME
|
| Stock price: | $11.73 at close July 22
|
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