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  • ADVENTRX Pharmaceuticals, Inc. (ANX) Closes On Preferred Stock Offering 0 comments
    May 7, 2010 10:34 AM | about stocks: MSTX
    ADVENTRX Pharmaceuticals, Inc. reported the completion of an already disclosed sale of stock in a direct offering to several institutional investors. Rodman & Renshaw, LLC was the placement agent for the offering.

    ADVENTRX Pharmaceuticals, Inc. received gross proceeds of $19.2 million in the sale, and will use the proceeds to continue research on its main products, the acquisition of new products and general corporate purposes.

    ADVENTRX Pharmaceuticals, Inc. issued Series F convertible preferred stock to the investor group that is convertible into common shares of ADVENTRX Pharmaceuticals, Inc. at a conversion price of $3.7025 per share. The preferred stock also pays a 2.19% cumulative dividend through May 2020.

    Investors that participated in the offering also received two classes of warrants to buy common stock of ADVENTRX Pharmaceuticals, Inc. The series A warrants allow the purchase of an aggregate of 1.82 million shares at an exercise price of $3.65 per share. The warrants are exercisable after closing and for up to five years from issuance.

    The series B warrants allow the purchase of an aggregate of 778,000 shares at an exercise price of $3.65 per share. These warrants are exercisable any time after the closing of the transaction.

    ADVENTRX Pharmaceuticals is an early stage pharmaceutical company specializing in cancer treatment.

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net
     


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