Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

2647

Spectrum Pharmaceuticals to raise USD20m from institutional investors

RELATED TOPICS​

Spectrum Pharmaceuticals, a commercial-stage biotechnology company with a focus in oncology, has received commitments from three institutional investors, led by Federated Kaufmann Fund,

Spectrum Pharmaceuticals, a commercial-stage biotechnology company with a focus in oncology, has received commitments from three institutional investors, led by Federated Kaufmann Fund, to purchase USD20m of securities in a registered direct offering.

Spectrum expects to receive net proceeds of approximately USD19m after deducting placement agent fees and other offering expenses.

Under the terms of a securities purchase agreement, Spectrum will sell an aggregate of 3,913,894 shares of its common stock and warrants to purchase up to 1,956,947 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase approximately one-half of a share of common stock, will be sold for a purchase price of USD5.11, which is equal to the closing bid price of the company’s common stock on 26 May 2009.

The warrants to purchase additional shares will be exercisable at an exercise price of USD5.11 per share beginning six months after issuance and will expire 90 days from the date they are first exercisable.

All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes. The offering is expected to be consummated no later than 29 May 2009, subject to customary closing conditions.

Latest News

According to the latest ESG data from PwC Luxembourg finds that investment flows towards EU..
Solactive and private equity data provider CEPRES have established a new partnership for to introduce..
New research published today by the CFA Institute Research and Policy Centre analyses the many..

Related Articles

Pension funds
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next decade, industry research reveals...
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next..
Tim Crawmer, Payden & Rygel
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also, given that equities had a strong year last year, big funds have taken some chips off the table in equities and put them into fixed income...
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also,..
Lady justice
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI) strategies received glowing commendations from the Bank of England in its March report...
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI)..
Pension funds
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition...
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by