Medgenics, the AIM-listed biopharmaceutical company developing treatments for chronic diseases, has closed an underwritten public offering of 5.6m shares of common stock and Series 2013-A warrants to purchase up to an aggregate of 2.8m shares of common stock.
The shares and the warrants were sold together as a fixed combination, each consisting of one share of common stock and a warrant to purchase one-half of a share of common stock, at a price to the public of $5.25 per fixed combination.
The gross proceeds to Medgenics were $29.4m, before deducting underwriting discounts and commissions and other offering expenses payable by Medgenics.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In addition, Medgenics granted the underwriters a 45-day option to purchase up to an aggregate of 840,000 additional shares of common stock and additional warrants to purchase up to an aggregate of 420,000 shares of common stock.
Medgenics' share price was down 2.90% to 335p at 0800 on Thursday.
MF
