Net proceeds are expected to be up to approximately $4.1 million after offering-related fees and expenses.
Columbia intends to use the net proceeds from the offering for general corporate purposes, including funding its clinical development and other R&D activities, internal or collaborative sales, marketing and distribution expenditures, capital expenditures and working capital needs.
The transaction is expected to close on or about August 26, 2008, subject to satisfaction of customary closing conditions.