Avant Announces $10 Million Private Placement
Tuesday July 1, 9:20 am ET
biz.yahoo.com
NEEDHAM, Mass.--(BUSINESS WIRE)--July 1, 2003--AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN - News) announced today it has entered into a definitive agreement with an institutional investor in a private placement for gross proceeds of $10 million. AVANT has agreed to issue 4,444,444 shares of its common stock at $2.25 per share and warrants to purchase 444,444 shares of common stock at a price of $3.00 per share. Rodman & Renshaw, Inc. served as the exclusive placement agent. The offering is expected to close today.
"This financing provides the resources to support the development of our bacterial vaccines programs and provides for our general working capital needs," said Avery W. Catlin, Senior Vice President and Chief Financial Officer of AVANT Immunotherapeutics. "Further, our cash balances now exceed our expected requirements for the next two years."
The shares were offered to a single accredited investor in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The offering has not been registered under the Securities Act or any state securities laws and the shares may not be offered or sold absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering, AVANT Immunotherapeutics has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the resale of the shares purchased and shares issuable upon exercise of the warrants. This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy shares or warrants and is being issued under Rule 135c under the Securities Act. |
