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news.Javelin Pharmaceuticals has received commitments from selected investors to purchase up to 11.45 million shares of its common stock at a purchase price of $2.41 per share.
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The purpose of the offering is to enhance the company’s balance sheet. Certain officers and directors of Javelin will participate in this offering.
The closing of the offering is expected to take place on May 13, 2008, subject to customary closing conditions.
The total number of shares to be sold in the offering are up to 11.45 million with the gross proceeds of up to $27.6 million. The company estimates that net proceeds from the offering will be approximately $25.7 million, after deducting placement agent fees and estimated offering expenses.