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news.Scolr Pharma has entered into agreements to sell 2.78 million shares of common stock at a purchase price of $1.50 per share.
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Purchasers will also receive warrants to purchase an aggregate of 1.39 million shares of common stock. The five-year warrants will be exercisable at an exercise price of $2.10 per share.
The securities in this transaction were offered by Scolr pursuant to an effective shelf registration statement under the Securities Act of 1933, as amended. Scolr believes that the net proceeds from this offering, together with its cash and cash equivalents on hand, will be sufficient to fund its planned operations through early 2009.
Proceeds from the offering will be used by Scolr for general corporate purposes. The transaction is expected to close on or about December 4, 2007, subject to the satisfaction of customary closing conditions.