They raised $60M in conjunction with the reverse merger, microcide and althexis.
<<October 25, 2001 — Microcide Pharmaceuticals and Althexis Company Complete Merger, To Receive $60 Million Financing and Rename Company- Essential Therapeutics
Mountain View, CA and Waltham, Mass. — Microcide Pharmaceuticals, Inc. (Nasdaq: MCDE) and The Althexis Company, Inc, announced that at a special meeting held October 24, 2001, Microcide Pharmaceuticals' shareholders approved the merger of Microcide Pharmaceuticals and Althexis to form Essential Therapeutics, Inc. The Company will continue to trade on the Nasdaq National Market under the new symbol "ETRX", and Mark Skaletsky will be Chairman and CEO.
Also approved at the special meeting was a $60 million private equity funding. The merged company received $57 million yesterday in a first closing and anticipates receiving the balance of the funding in the next few days. The syndicate of investors for the financing included Prospect Venture Partners, New Enterprise Associates and Schroder Ventures.>>
The $60M was in the form of convertible pfd shares exercisable at $3. I've scanned through the original sec filing and can't figure out how it became toxic. etrx/mcde stock was selling for somewhere around $3.50 at the time.
The investor list is strong, Prospect, Schroder. It will be interesting to see how and if etrx can wriggle out of this. I've noticed some very big blocks sitting on the bid the past few days. |
