PHARMACEUTICALS
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Irvine’s Spectrum Pharmaceuticals raises $50 million
The biotechnology company receives commitments from institutional investors at $7.55 per share.
By Susan BelknappPublished: September 21, 2009 10:30 AM
Irvine-based Spectrum Pharmaceuticals Inc., a commercial-stage biotechnology company with a focus in oncology, announced Friday that it received commitments from institutional investors to purchase $50 million of securities in a registered direct offering.
Under the terms of a Securities Purchase Agreement, Spectrum will sell an aggregate of approximately 6,622,500 shares of its common stock and warrants to purchase up to 2,649,000 additional shares of its common stock.
Each unit, consisting of one share of common stock and a warrant to purchase approximately one-half of a share of common stock, will be sold for a purchase price of $7.55.
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Under the terms of a Securities Purchase Agreement, Spectrum will sell an aggregate of approximately 6,622,500 shares of its common stock and warrants to purchase up to 2,649,000 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase approximately one-half of a share of common stock, will be sold for a purchase price of $7.55. NEXT PAGE >> Related headlines Natus acquires Fountain Valley's Alpine Biomed ARB inks $50 million deal UC Irvine nets $2 million to become renewable energy lab |
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