Offer also includes warrant coverage; Rodman & Renshaw is agent
By Devika Patel
Knoxville, Tenn., Dec. 1 - Celsion Corp. said it has arranged a $15 million private placement of stock. Rodman & Renshaw, LLC is the agent.
The company will sell 6,486,488 common shares at $2.3125 apiece. The price per share is an 6.41% discount to the Nov. 30 closing share price of $2.28.
The investors will also receive warrants for 3,243,244 shares. The five-year warrants are each exercisable at $2.36, which represents a 9.61% premium to the Nov. 30 closing share price.
Settlement is expected on Dec. 6.
Proceeds will be used for general corporate purposes, including the clinical development of the company's ThermoDox phase 3 HEAT study.
Celsion is based in Columbia, Md., and develops drugs for difficult-to-treat forms of cancer.
| Issuer: | Celsion Corp.
|
| Issue: | Common shares
|
| Amount: | $15 million
|
| Shares: | 6,486,488
|
| Price: | $2.3125
|
| Warrants: | For 3,243,244 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.36
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 6
|
| Stock symbol: | Nasdaq: CLSN
|
| Stock price: | $2.28 at close Nov. 30
|
| Market capitalization: | $58.45 million
|
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