MDRNA (MRNA) to Sell 5.25M Shares at $2, Raising Gross Proceeds of $10.5M
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MDRNA, Inc. (NASDAQ: MRNA) announced today that it entered into definitive agreements on June 9, 2009 with existing investors to raise gross proceeds of $10.5 million though a registered direct offering.
Under terms of the agreements, the Company will sell 5.25 million shares of its common stock at $2.00 per share. As part of the transaction, the investors also will receive warrants, with a five and a half year term, to purchase 5.25 million shares of common stock at an exercise price of $2.38 per share. The warrants will be exercisable after a six-month period.
The transaction is expected to close on Friday, June 12, 2009, subject to customary closing conditions. The Company plans to use the proceeds of this transaction for working capital.
Canaccord Adams Inc. served as sole placement agent for the offering.
NOTE: shares of MDRNA surged more than 70% yesterday as the company received FDA approval for generic Calcitonin-Salmon nasal spray.
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