Company | Type Of | Number Of | Amount | Investors; Placement Agents; |
(Symbol) | Financing | Shares, Units | Raised (M) | Details (Date) |
Or Warrants (M) | ||||
Alfacell Corp. | Private | 1.2U | $4.7 | Alfacell sold 1.2M units at $4.00 each to |
(ACEL) | placement | institutional investors for $4.7M; each | ||
unit consists of 2 shares of common stock | ||||
and one 3-year warrant to buy 1 share at | ||||
$2.50; Harris, Webb & Garrison Inc. acted | ||||
as placement agent and received purchase | ||||
warrants for 0.117M units (2/23) | ||||
Alkermes Inc. (ALKS) | Private | 2.0S | $100 | Alkermes sold 2M shares of convertible |
placement | exchangeable preferred stock at $50 per | |||
share to certain institutional investors; the | ||||
buyers have a 30-day option to purchase an | ||||
additional 0.3M shares to cover overallot- | ||||
ments; the preferred stock will pay divi- | ||||
dends annually at $3.25/share; the preferred | ||||
stock will be convertible into common | ||||
stock at $29.625 per share; it will also be | ||||
exchangeable into 6.5% convertible deben- | ||||
tures (also convertible into common stock); | ||||
the preferred stock and debentures will be | ||||
redeemable at declining prices starting in | ||||
March 2001 (2/27) | ||||
Aquila | Private | 0.77S | $3.6 | Aquila sold 769,000 newly issued shares of |
Biopharmaceuticals | placement | common stock at $4.681 each to a group of | ||
Inc. (AQLA) | current investors, led by OrbiMed Advisors | |||
LLC; Aquila will register the shares for | ||||
resale (2/10) | ||||
Centocor Inc. (CNTO) | Convertible | — | $460 | Centocor sold $460M of convertible subor- |
debentures | dinated debentures (including the full over- | |||
allotment) due 2005; the debentures have an | ||||
annual coupon rate of 4.75%, are converti- | ||||
ble into common stock at $49.261 per share | ||||
and are not redeemable for 3 years (2/20) | ||||
ChemTrak Inc. | Private | ND | $1.3 | The company raised net proceeds of $1.3M |
(CMTR) | placement | through the placement of convertible pre- | ||
ferred stock to 7 private investors; this is | ||||
the 1st of 2 tranches, expected to raise a | ||||
total of $4M; the preferred stock is converti- | ||||
ble into common stock 60 days after clos- | ||||
ing at 75% of market and bears 6% annual | ||||
dividends (2/2) | ||||
Cygnus Inc. (CYGN) | Debt and | $56.8 | Cygnus completed two public offerings (of | |
equity | subordinated convertible notes and common | |||
offerings | stock) for total gross proceeds of $56.8M; | |||
the securities were registered in 11/97 under | ||||
a universal shelf offering (for up to $90M); | ||||
Cygnus sold $43M of 4% senior subordi- | ||||
nated convertible notes due 2005 to certain | ||||
institutional investors; the notes will be | ||||
sold at par and bear 4% annual interest; the | ||||
notes are convertible into common stock | ||||
according to a fixed formula; Delta Oppor- | ||||
tunity Fund Ltd. was the lead investor in | ||||
the debt offering; Diaz & Altschul Capital | ||||
LLC acted as advisor; Cygnus also sold | ||||
$13.8M of its common stock (at a discount | ||||
to market) directly to unnamed investors (2/5) | ||||
DepoMed Inc. | Private | ND | $8 | The company sold $8M in common stock |
(DPMD) | placement | to investors who agreed to a lock-up pro- | ||
vision until 11/6/98; Evolution Capital Inc. | ||||
managed the placement (2/24) | ||||
Diacrin Inc. | Private | 1.03S | $9.5 | The company sold 1.027M new shares of |
(DCRN) | placement | common stock at $9.25 each to a group of | ||
existing shareholders in a self-managed pri- | ||||
vate placement; Diacrin will register the | ||||
shares for resale (2/26) | ||||
Pharmos Corp. | Private | ND | $5 | Pharmos sold $5M of convertible preferred |
(PARS) | placement | stock and warrants to a single institutional | ||
investor; Gemini Capital acted as the place- | ||||
ment agent (2/4) | ||||
Receptagen Ltd. | Bridge | — | $0.7 | Receptagen issued a convertible debenture |
(TSE:RCG) | financing | to Marbury Trading Corp. (a subsidiary of | ||
InterUnion Financial Corp.) in exchange | ||||
for an advance of up to US$0.7M to meet | ||||
expenses related to Receptagen's merger | ||||
with Scitech Genetics; the debenture has an | ||||
11% interest rate, carries 3-year warrants | ||||
to buy common shares of the merged com- | ||||
pany at C$7/share (US$4.93/share) and | ||||
matures in 8/98 (2/2) | ||||
Sepracor Inc. (SEPR) | Convertible | — | $189.5 | Sepracor sold $189.5M of convertible sub- |
debentures | ordinated debentures due 2005 (including | |||
the full overallotment option) in this over- | ||||
subscribed offering; the debentures have | ||||
an annual coupon of 6.25%, are convertible | ||||
into common stock at $47.3688 per share | ||||
and will not be redeemable for 3 years (2/6) | ||||
TOTAL: $839.1M | ||||
NOTES: | ||||
ND = Not disclosed, reported and/or available; S = Shares; TSE = Toronto Stock Exchange; U = Units; W = Warrants | ||||
The financings in this chart include loans, bridge financings and other interim measures as well as sales of business units, debt offerings, rights offerings, exercises of warrants, institutional offerings of registered stock and standard private placements. |