Totally Cool! I thought they'd have to see something out of scripps, fla., before something like this. Thus I have no skin in this game.
NeoRx Signs Definitive Agreement for $65 Million Private Financing
Wednesday February 1, 6:10 pm ET
Proceeds to Be Used to Advance Picoplatin, Next-Generation Chemotherapy for Small Cell Lung and Other Cancers
SEATTLE, Feb. 1 /PRNewswire-FirstCall/ -- NeoRx Corporation (Nasdaq: NERX - News) today announced that it has entered into definitive purchase agreements with institutional and other accredited investors for a $65 million private placement of newly issued shares of common stock and the concurrent issuance of warrants for the purchase of additional shares of common stock. The Company has also closed a bridge loan for approximately $3.5 million to be used as working capital to fund operations until the anticipated close of the financing. The closing of the financing, including issuance of the securities and receipt of proceeds, is subject to shareholder approval in addition to customary and other closing conditions.
These transactions are being led by MPM Capital and other investors, including Bay City Capital, Deerfield Management Company, Abingworth and T. Rowe Price. Upon closing of the financing, MPM Capital would become the beneficial owner of approximately 30 percent of the Company's common stock. MPM Capital will have representation on the Company's Board of Directors, filling one of two new director positions to be created in connection with the financing. The second new director position will be filled by a representative selected by mutual agreement of MPM Capital and Bay City Capital. |
