Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Avi BioPharma, a developer of Ribonucleic acid-based drugs, has obtained commitments to purchase 14.22 million shares of its common stock at a price per share of $1.16 pursuant to a registered direct offering to a select group of institutional investors, representing gross proceeds of approximately $16.5 million.
Subscribe to our email newsletter
Investors will also receive warrants to purchase 14.22 million shares of Avi BioPharma common stock. The closing of the offering is expected to take place on January 30, 2009, subject to the satisfaction of customary closing conditions.
Avi BioPharma plans to use the net proceeds from the offering to fund clinical trials for its lead product candidates, to fund the advancement of its preclinical programs, and for other R&D and general corporate purposes.
Rodman & Renshaw, a wholly owned subsidiary of Rodman & Renshaw Capital Group acted as the placement agent for the transaction.