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news.Specialty pharmaceutical company Osteologix has completed $5.3 million private placement of common stock and warrants.
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The company sold 4.03 million shares of its common stock at $1.32 per share, and warrants to purchase up to 2.01 million shares of its common stock for gross proceeds of approximately $5.3 million.
The warrants have an exercise price of $1.32 per share, subject to adjustment, and an expiration date of September 30, 2009.
The company plans to use the proceeds of the private placement for general corporate purposes including development of its investigational drug NB S101, corporate operating expenses, working capital and capital expenditures.