Ribi ImmunoChem Research Inc. said Thursday that it has sold1.3 million units of common stock and warrants for $11 millionin a private placement with Hambrecht & Quist Inc. and D.Blech & Co. Inc.
Each unit consists of one share of common stock (NASDAQ:RIBI)and a warrant to purchase one-half share of stock. Thewarrants are exercisable immediately at $11.55 per share.They expire three years from the closing date or 30 daysfollowing notice from the company that the stock has achievedcertain price levels for a specified period, whichever comesfirst.
After the placement, the Hamilton, Mont., company has $20million in cash and 13.5 million shares outstanding. Its stockclosed up 13 cents on Thursday at $8.50.
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