Brainstorm Cell Therapeutics Inc., of New York, signed a definitive agreement with Abbhi Investments LLC, a health care-focused family office based in Miami, in connection with a privately negotiated sale of common stock and a warrant to purchase common stock. Upon the closing of the registered direct offering, Brainstorm will receive gross proceeds of $10 million, resulting from the issuance and sale of 1.25 million shares of common stock at a price per share of $8, a 4.9% premium to the closing share price of $7.62 on March 5, and a 35.6% premium to the 30-day volume-weighted average price of $5.90. The purchaser will also receive a warrant to buy up to 250,000 shares of common stock at an exercise price of $15 per share. The warrant will be exercisable immediately and has a term of three years.
Bridgebio Pharma Inc., of Palo Alto, Calif., disclosed the pricing of $475 million aggregate principal amount of 2.5% convertible senior notes due 2027 in a private offering to qualified institutional buyers. The offering was upsized from the previously disclosed amount of $350 million aggregate principal amount of notes. The company granted the initial purchasers an option to purchase up to an additional $75 million aggregate principal amount of notes. The notes will bear interest at a rate of 2.5% per year, payable semiannually in arrears on March 15 and Sept. 15 of each year, beginning Sept. 15, 2020. The notes will mature on March 15, 2027, unless earlier converted or repurchased in accordance with their terms.
Hemostemix Inc., of Calgary, Alberta, closed the initial tranche of its previously disclosed nonbrokered private placement of units for gross proceeds of up to $3 million. The first tranche consisted of the issuance of an aggregate of about 254 million units at a price of $0.01 per unit for gross proceeds of about $2.5 million. Proceeds are expected to be used for secured debt repayment, additional interest and recoverable costs associated with the secured debt (unknown at this time), legal expenses, audit expense and costs for a statistician to perform an interim clinical trial analysis and report, with the balance used as unallocated working capital and for general corporate purposes.
Spero Therapeutics Inc., of Cambridge, Mass., said it closed its offering of 1.046 million shares and 2,287 shares of its series C convertible preferred stock as a result of the exercise of subscription rights and oversubscription rights in the rights offering by existing holders of its common stock, series A convertible preferred stock and series B convertible preferred stock. The company raised gross proceeds of about $30 million.
Zosano Pharma Corp., of Fremont, Calif., said it sold in a registered direct offering 11.9 million shares and warrants to purchase up to 11.9 million shares at a combined purchase price of $0.9275 per share and associated warrant, for aggregate gross proceeds of approximately $11 million priced at-the-market under Nasdaq rules. The warrants have an exercise price of $0.8025 per share, are immediately exercisable and will expire in five years. The company intends to use the net proceeds for pre-commercialization activities and for general working capital and corporate purposes.