Biomaven, CRXA announced a private placement today at what looks like market plus 15% warrant coverage for 12.5c a warrant share. A good deal in this environment. Good group of investors as well. An excerpt from the press release follows:
Under the terms of the agreement, Corixa has agreed to sell approximately 7.3 million shares at a price of $6.13 per share. For an additional $.125 per underlying share, the investors will also purchase approximately 1.2 million five-year warrants for common stock with an exercise price of $6.13. Corixa intends to use the net proceeds from the sale for research and development, working capital and general corporate purposes.
The financing was led by InterWest Partners, and included investments from BankAmerica Ventures, Frazier Healthcare Ventures, Hambrecht & Quist Capital Management, LLC, KBL Healthcare Ventures, Oxford Bioscience Partners, and Sutter Hill Ventures. Pacific Growth Equities, Inc. acted as the placement agency for this transaction. |
