NOVATO, Calif., June 30 /PRNewswire-FirstCall/ -- Raptor Pharmaceuticals Corp. (OTC Bulletin Board: RPTP), today announced that it raised U.S.$10 million through a private placement of 20 million units constituting an aggregate of 20 million shares of the Company's common stock and two-year warrants to purchase 10 million shares of common stock. After deducting placement agent fees, the Company raised $9.3 million in net proceeds from the private placement. The Company intends to use the net proceeds to fund programs for its drug product candidates and execute its corporate strategy.
Each unit was priced at $0.50 and consisted of one share of the Company's common stock and one warrant to purchase one-half share of common stock. Warrants are exercisable for two years from the date of issuance at $0.75 per share during the first year and $0.90 per share during the second year. The units have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.
Zurich-based Limetree Capital acted as the lead placement agent for the transaction.
Christopher M. Starr, Ph.D., Raptor's co-founder, director and Chief
Executive Officer, stated, "We are pleased to have closed this private
placement, especially given the challenging financing environment for
development-stage biotech companies. We are excited about using the
proceeds from this transaction for the advancement of our clinical
programs, which we acquired within the past ten months and our internally
developed preclinical programs. In the next six to nine months, we expect
to have three clinical trials in progress including two trials add
|SOURCE Raptor Pharmaceuticals Corp.|
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