MAP Pharma. (MAPP) Secures $60M Equity Financing Facility with Azimuth Opportunity
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MAP Pharmaceuticals, Inc. (NASDAQ: MAPP) today announced that it has secured a committed equity financing facility under which it may sell up to $60 million of its registered common stock to Azimuth Opportunity Ltd. MAP Pharmaceuticals is not obligated to utilize any of the $60 million facility, which has a term of 24 months.
During the term of the purchase agreement, at its sole discretion and subject to certain conditions, MAP Pharmaceuticals may present Azimuth with draw down notices requiring Azimuth to purchase a specified dollar amount of shares of its common stock at pre-defined terms. Any shares sold under this facility will be registered on MAP Pharmaceuticals' effective shelf registration statement on Form S-3 (File No. 333-157339) filed with the Securities and Exchange Commission.
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