Pure Bioscience to secure $3 million in registered direct financing

Wed. September 02, 2009; Posted: 09:42 AM

Sep 02, 2009 (Datamonitor via COMTEX) -- PURE | Quote | Chart | News | PowerRating -- Pure Bioscience, a developer of technology-based bioscience products, has received commitments from institutional investors to purchase $3 million of securities in a registered direct offering.

Pure expects to sell 1.82 million newly issued shares of its common stock and warrants to purchase up to 727,272 shares of its common stock. The shares of common stock will be sold at a per share price of $1.65 per share and investors will receive warrants to purchase 0.40 shares of common stock at an exercise price of $2.10 per share for each share of common stock they purchase in the offering.

The warrants are exercisable six months after the date of issuance, and will expire five years from the date of issuance. After fees and expenses, the net proceeds to Pure are expected to be approximately $2.75 million.

The net proceeds from the offering will be used for working capital. The offering is expected to be consummated by September 4, 2009, subject to customary closing conditions.

Rodman & Renshaw, a subsidiary of Rodman & Renshaw Capital Group, acted as the exclusive placement agent for the transaction.

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