MiddleBrook Phama (MBRK) Completes Strategic Review, Receives $100M Equity Investment
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MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK) said completed its previously announced review of strategic alternatives and has entered into an agreement with Equity Group Investments, L.L.C. for a $100 million equity investment in the Company.
Proceeds from the transaction will allow MiddleBrook to move forward with the commercial launch of its once-daily MOXATAG product, and to continue the development of its clinical pipeline.
As part of the agreement with EGI, Edward M. Rudnic, Ph.D. will step down from his current position as MiddleBrook's President and CEO and will be replaced by John Thievon, effective upon the closing of the transaction. In addition, David Becker has been appointed as MiddleBrook Executive Vice President, Finance and CFO, replacing Robert C. Low as MiddleBrook's principal financial officer, also effective upon the transaction closing. Dr. Rudnic and Mr. Low will continue to serve as consultants to the Company following the closing.
Under the terms of the $100 million equity investment, MiddleBrook entered into a definitive securities purchase agreement with EGI for the sale of 30,303,030 shares of its common stock at $3.30 per share and a five-year warrant to purchase a total of 12,121,212 shares of common stock at an exercise price of $3.90 per share. EGI's investment totals approximately $100 million.
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