Company wraps financing to fund aggressive phase 2 clinical program
By Devika Patel
Knoxville, Tenn., May 3 - GenSpera, Inc. gave further details about a private placement of units that settled for $2.25 million on April 29 in an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1,363,622 units of one common share and one half-share warrant at $1.65 per unit. Each whole warrant is exercisable at $3.15 for five years and is callable at $6.50, providing certain provisions are met. The strike price reflects a 63.21% premium to the April 28 closing share price of $1.93.
"This financing brings the total monies raised in 2011 to approximately $6.2 million," chief executive officer and president Craig Dionne said in a press release announcing the deal on Monday.
"The monies raised in January and February assured funding for an aggressive phase 2 clinical program for our lead drug G-202, currently in a FDA-approved phase 1 safety trial. This current financing provides funds for the full pre-clinical development of G-115, our second drug, specifically targeted for prostate cancer."
GenSpera is a development-stage oncology company based in San Antonio.
| Issuer: | GenSpera, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $2,249,976
|
| Units: | 1,363,622
|
| Price: | $1.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.15
|
| Settlement date: | April 29
|
| Stock symbol: | OTCBB: GNSZ
|
| Stock price: | $1.90 at close April 29
|
| Market capitalization: | $38.04 million
|
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