Don't know if this has been posted yet today
Corixa Announces $30 Million Private Placement Financing
Monday June 9, 7:04 am ET
SEATTLE--(BUSINESS WIRE)--June 9, 2003--Corixa Corporation (Nasdaq:CRXA - News), a developer of immunotherapeutics, today announced that it has entered into a definitive purchase agreement for the sale of newly issued shares of Common Stock and warrants to purchase Common Stock in a private placement with an institutional investor, for anticipated gross proceeds of approximately $30 million.
The transaction is subject to the execution of a definitive note purchase agreement by Corixa in its planned sale of $75 million in convertible promissory notes and other customary closing conditions.
Under the terms of the agreement, Corixa will sell $30 million of Common Stock and warrants to purchase Common Stock. The purchase price for the Common Stock will be equal to fair market value on the date on which the contingency regarding the execution of a definitive note purchase agreement is satisfied or waived, determined according to an average of recent trading prices. The warrants will have an exercise price equal to the purchase price for the common stock and a five-year term.
Corixa plans to use the net proceeds for research and development and general corporate purposes, including working capital.
The securities have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws. Corixa has agreed to file, no later than 10 days after the closing, a registration statement providing for the resale of the issued shares and the shares underlying the warrants. |
