Advancis Pharmaceutical (AVNC) Announces $24 Million Private Placement of Common Equity
Advancis Pharmaceutical Corporation (Nasdaq: AVNC) has entered into definitive purchase agreements for the private placement of 10,155,000 shares of its common stock and warrants to purchase 7,616,250 shares of common stock, at a price of $2.36375 per unit. Each unit consists of one share of the Company's common stock and a warrant to purchase 0.75 shares of common stock. The transaction is expected to raise approximately $24 million in gross proceeds.
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