A Medical Device Daily
Nastech Pharmaceutical (Bothell, Washington) reported that it has entered into definitive agreements with new and existing investors to raise gross proceeds of $7,932,500 though a registered direct offering.
The company will sell 4,585,260 shares of its common stock at $1.73 per share. As part of the transaction, the investors also will receive warrants, with a seven-year term, to purchase 4,585,260 shares of common stock at an exercise price of $2.38 per share. The warrants will be exercisable beginning Oct. 25.
In addition, the investors have the right to purchase up to 1,375,578 shares of common stock at a price of $2.17 per share during the 90-day period beginning Oct. 25. If fully exercised, total gross proceeds would be $2,985,005.
The company said it plans to use the proceeds of this transaction for working capital.
Nastech is a clinical-stage biopharmaceutical company focusing on the development of therapeutic products based on its molecular biology-based drug-delivery technologies and ribonucleic acid interference technology.
The company and its collaboration partners are developing products for multiple therapeutic areas including diabetes, obesity, osteoporosis, autism, respiratory diseases and inflammatory conditions.
Maxim Group is serving as placement agent for the offering.