TORRANCE, Calif., Sept. 16, 2013 /PRNewswire/ -- Emmaus Life Sciences, Inc. (the "Company," or "Emmaus"), a biotherapeutics company dedicated primarily to the discovery, development and commercialization of innovative and cost effective treatments and therapies for debilitating rare diseases, today announced it has raised approximately $7.5 million in gross proceeds from a private placement to accredited investors, including two institutional investors.
In connection with the financing, Emmaus has agreed to expand its board of directors to eight members, with three newly-created directorships to be filled by qualified representatives of certain participants in the financing.
The net proceeds from the private placement will be used primarily for research and development, including the completion of the company's Phase 3 clinical trial for the treatment of sickle cell disease, commercialization costs, and for working capital and general corporate purposes.
T.R. Winston & Company served as placement agent to Emmaus.
The shares of common stock and warrants described above were offered and sold to a limited number of institutional and accredited investors. The shares of common stock and warrants, and the shares of common stock issuable upon exercise of the warrants, have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release is issued pursuant to Rule 135(c) under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities nor shall there be any sale of the securities in any state or jurisdiction in which such offer, sol
|SOURCE Emmaus Life Sciences, Inc.|
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