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news.Nastech Pharmaceutical has entered into definitive agreements with new and existing investors to raise gross proceeds of $7.93 million though a registered direct offering.
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Under terms of the agreement, the company will sell 4.58 million 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 4.58 million shares of common stock at an exercise price of $2.38 per share. The warrants will be exercisable beginning October 25, 2008.
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 October 25, 2008. If fully exercised, total gross proceeds would be $2.98 millions. The company plans to use the proceeds of this transaction for working capital.