BioSante to raise $3.475M in registered direct offering

theflyonthewall.com

BioSante announced that it has received a commitment from an institutional investor to purchase $3.475M of securities in a registered direct offering. BioSante expects to receive net proceeds of approximately $3.3M after deducting placement agent fees and other offering expenses. BioSante has entered into a securities purchase agreement with this investor pursuant to which BioSante has agreed to sell 2.36M shares of its common stock and warrants to purchase up to 1.18M additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.5 of a share of common stock, will be sold for a purchase price of $1.4725, a premium to the closing price on the day before pricing.

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