Columbia Laboratories raises $11.77 million through public offering of common stock

Thu. October 29, 2009; Posted: 02:34 PM

Oct 29, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- CBRX | Quote | Chart | News | PowerRating -- Columbia Laboratories, Inc. has raised approximately $11.77 million through the sale of 10.9 million shares of its common stock and warrants to purchase 5.45 million shares of its common stock in a registered direct offering.

Columbia Laboratories is a US-based pharmaceutical company focused on developing and commercializing products for the women's healthcare and endocrinology markets.

Announcement (October 23, 2009):

Columbia Laboratories is planning raise up to approximately $11.77 million through the sale of up to approximately 10.9 million shares of its common stock and warrants to purchase 5.45 million shares of its common stock in a registered direct offering.

The common stock and warrants will be sold in units, with each unit consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. Each unit will be sold at a negotiated price of $1.08 per unit. Net proceeds are expected to be up to approximately $10.71 million after offering-related fees and expenses.

Oppenheimer & Co. Inc. and The Benchmark Company, LLC are acting as lead placement agent and co-placement agent, respectively, for the transaction.

The transaction is expected to close on or about October 28, 2009.

Deal Value (US$ Million) 11.77
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-10-28

Deal Participants

Target (Company) Columbia Laboratories, Inc.

Deal Rationale

Columbia Laboratories intends to use the net proceeds from the offering for general corporate purposes, including funding the completion of its ongoing clinical trial to reduce the risk of preterm birth in women with a short cervix at mid-pregnancy, the development of its next generation products for infertility and prevention of preterm birth in women with a short cervix, its other clinical development and other research and development activities, internal and/or collaborative sales, marketing and distribution expenditures, capital expenditures and working capital needs.

Offer Price ($ per share) 1.08
No. Shares Issued         10900000

For full details for CBRX click here.

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