Ayala Pharmaceuticals Inc., of Rehovot, Israel, said it priced its IPO of 3.66 million shares at $15 each. The underwriters have also been granted a 30-day option to purchase up to an additional 550,000 shares of its common stock at the public offering price. The gross proceeds are expected to be $55 million, excluding any exercise of the underwriters’ option. Ayala’s common stock began trading on Nasdaq under the ticker symbol AYLA, closing out their first day at $15.03.

Fennec Pharmaceuticals Inc., of Research Triangle Park, N.C., said, in connection with its previously completed underwritten offering of $30 million at $6.25 each, the underwriters exercised their option to purchase 660,204 shares for additional gross proceeds of $4.12 million, bringing the total aggregate proceeds from the offering to $34.12 million. The company will use the net proceeds for obtaining regulatory approvals; the commercial launch of Pedmark, a formulation of sodium thiosulfate, to prevent platinum-induced ototoxicity from cisplatin in pediatric cancer patients, if approved; and working capital and general corporate purposes.

Medexus Pharmaceuticals Inc., of Montreal, said it entered a definitive credit agreement with a syndicate of lenders agented by Midcap Financial Trust for a secured asset-based 38-month revolving credit facility. The facility features a $20 million revolving commitment (subject to the borrowing base) and an uncommitted $10 million accordion. The borrowings bear interest at a rate of one-month LIBOR plus 3.95%, subject to a LIBOR floor of 1.50%. Interest is payable monthly in arrears on the first business day of each month. The initial advance under the facility has been used to repay $10 million of the principal amount outstanding under the $20 million secured term loan entered in February.

No Comments