$35MM Financing Facility Secured by ARYx Therapeutics (ARYX)
ARYx Therapeutics, Inc. (NASDAQ: ARYX) announced that it has secured a committed equity financing facility under which it may sell up to $35 million of shares of its common stock to Commerce Court Small Cap Value Fund, Ltd. over the period of 24 months. ARYx is not obligated to utilize any of the $35 million facility and remains free to enter into and consummate other equity and debt financing transactions.
ARYx intends to use the proceeds from any future sale of securities under the facility for general corporate purposes in support of its on-going partnering activities on ARYx's advanced development-stage compounds.
As payment of a portion of Commerce Court's fees in connection with the facility, ARYx agreed to issue to Commerce Court 114,200 shares of its common stock upon at the outset of the agreement.
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