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news.XenoPort, a biopharmaceutical company, has obtained commitments from institutional investors to purchase approximately $40 million of its common stock and warrants in a registered direct offering.
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Under the terms of purchase agreements, XenoPort will sell 1.89 million newly issued shares of its common stock and warrants to purchase 283,420 shares of common stock at a purchase price of $21.17 per unit, with each unit consisting of one share of common stock and one warrant to purchase 0.15 of a share of common stock. The warrants are immediately exercisable at $25.40 per share and will expire five years from the date of issuance.
The financing was led by funds affiliated with Maverick Capital with participation by funds affiliated with Venrock. The net proceeds are expected to be approximately $39.7 million after offering expenses. This transaction is expected to close on or prior to January 5, 2009.