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news.Antigenics has entered into agreements to receive $26.1 million from certain investors in a private placement, subject to customary closing conditions.
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The company will be selling 8.7 million shares of its common stock at a price of $3 per share, which represents a 40% premium above the closing sale price of the company’s stock on January 8, 2008.
Under the terms of the offering, the investors will also receive 10-year warrants to purchase up to 8.7 million additional shares of common stock at an exercise price of $3 per share. These unit warrants would be triggered by the completion of another qualifying financing transaction within two years of the closing date of the private placement. Upon exercise of the unit warrants, investors would receive additional 10-year warrants to purchase up to approximately 8.7 million shares of common stock for $3 per share.
The company intends to use part of the proceeds to fund key commercial and regulatory efforts, including the potential launch of Oncophage (vitespen) cancer vaccine in Russia and possible filings in Europe and Canada.