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news.VioQuest Pharmaceuticals has raised approximately $0.7 million through the sale of units consisting of shares of its series A convertible preferred stock and warrants to purchase shares of its common stock, pursuant to a series of subscription agreements dated March 14, 2008 with certain accredited investors.
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The initial closing of the private placement consisted of the sale of 765 shares of series A convertible preferred stock for $1,000 per share. Each share of series A convertible preferred stock sold in the initial closing is convertible into shares of the company’s common stock at $0.10 per share, or 7.65 million shares of common stock in the aggregate. The purchasers also received a five-year warrant to purchase an aggregate of approximately 3.83 million shares of common stock at an exercise price of $0.13 per share.
The company reserves the right to terminate the offering of series A convertible preferred stock and warrants at any time or when subscriptions for the maximum gross offering amount of $6.9 million are received. VioQuest intends to use the proceeds of the private placement for general corporate purposes, including working capital.