Dyax Corp. (DYAX) Prices $30M Direct Offering at $2.30/Share
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Dyax Corp. (Nasdaq: DYAX) has priced a registered direct offering with RA Capital Management, Venrock, Federated Investors, Inc. and one other institutional investor for gross proceeds of approximately $30 million. The offering was priced at $2.30 per common share, which was the last reported sale price of the Company’s common stock on May 9, 2013.
A total of 8,901,675 million shares of common stock and 41,418 shares of Series 1 convertible preferred stock are expected to be issued at closing. Each share of Series 1 convertible preferred stock was priced at $230 and is convertible into 100 shares of common stock. The preferred stock will include no guaranteed dividends or liquidation preferences. The offering is expected to close on or about May 15, 2013, subject to the satisfaction of customary closing conditions.
Dyax intends to use the net proceeds from this offering to fund research and development activities, including the development of DX-2930, a therapeutic candidate for the prophylactic treatment of hereditary angioedema (HAE), and for general corporate purposes.
A total of 8,901,675 million shares of common stock and 41,418 shares of Series 1 convertible preferred stock are expected to be issued at closing. Each share of Series 1 convertible preferred stock was priced at $230 and is convertible into 100 shares of common stock. The preferred stock will include no guaranteed dividends or liquidation preferences. The offering is expected to close on or about May 15, 2013, subject to the satisfaction of customary closing conditions.
Dyax intends to use the net proceeds from this offering to fund research and development activities, including the development of DX-2930, a therapeutic candidate for the prophylactic treatment of hereditary angioedema (HAE), and for general corporate purposes.
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