Anthera Pharma (ANTH) Closes $17M of Potential $45.33M Registered Direct Offering

September 8, 2016 8:33 AM EDT
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Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH) today announced that it has agreed to sell preferred convertible stock in two tranches to Biotechnology Value Fund, L.P. and other affiliates of BVF Partners L.P. (“BVF”), and Rock Springs Capital for initial proceeds of $17.0 million with an option for an additional $28.33 million to be invested at the option of the investors. Each share of preferred stock is convertible into shares of common stock at various prices in the future with the initial $17.0 million of preferred stock receiving warrant coverage equal to 25% of the issued shares of common stock with an exercise price equal to 120% of the conversion price.

“We are very excited for the support of both BVF and Rock Springs, in this financing. These proceeds will be dedicated to accelerating the manufacturing scale-up timelines, including the production of demonstration and registration batches at commercial launch scale for lipase, amylase, and protease - the three enzymes supplied in a dose of Sollpura, and purchase and installation of manufacturing equipment at our contract manufacturers. These manufacturing activities will enable an earlier submission of the data package for Sollpura following the early completion of patient enrollment in the SOLUTION clinical study,” said May Liu, Senior Vice President, Finance & Administration.

For more details of this offering, please refer to the Company’s SEC filing.

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