IDM Pharma Raises $12.8 Million in Private Placement
Wednesday February 21, 8:00 am ET
IRVINE, Calif.--(BUSINESS WIRE)--IDM Pharma, Inc. (NASDAQ: IDMI - News) today announced that it has closed a private placement with a group of accredited investors. Participants included both new investors, led by Palo Alto Investors, as well as existing investor, Alta Partners. The Company received approximately $12.8 million in gross proceeds from the sale of approximately 4.5 million shares of its common stock priced at $2.82 per share, the closing bid price of IDM common stock immediately preceding the closing of the transaction. In addition, the Company issued warrants to these investors for the purchase of approximately 782,500 additional shares of IDM common stock priced at $0.022 per share, which is equal to $0.125 per share multiplied by the percentage of warrant coverage. The warrants have an exercise price of $3.243 per share.
"We are very pleased to welcome a new group of highly respected investors and to see the commitment of existing ones," said Jean-Loup Romet-Lemonne, M.D., Chief Executive Officer of IDM. "The funds from this transaction should provide us with additional financial flexibility to support the development of our lead compound, Junovan(TM), through the registration process by the regulatory agencies," he added.
[According to Yahoo! there were 13,4 shares outstanding before this transaction]. |
