New ETF Book by Larry Connors - Click here to read more
The company expects net proceeds of approximately USD11.1m after deducting placement agent fees and other offering expenses.
Each unit, consisting of one share of common stock and a warrant to purchase approximately 0.40 of a share of common stock, was sold for a purchase price of USD2.00.
The warrants to purchase additional shares will be exercisable at a price of USD2.50 per share, commencing with immediate effect and will expire on 12 August 2014.
Proceeds from the transaction will be used for general corporate purposes, including to fund BioSante's Phase III clinical study program for LibiGel.
Rodman & Renshaw LLC, a subsidiary of Rodman & Renshaw Capital Group Inc (Nasdaq:RODM), acted as the exclusive placement agent for the transaction.
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