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news.Biopure has announced the closing of an underwritten public offering of stock and warrants that raised net proceeds to Biopure of approximately $14.9 million assuming no exercise of the warrants.
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Biopure sold 19,377,500 new shares of its common stock and warrants to acquire an additional 19,377,500 shares, including 2,527,500 shares and 2,527,500 warrants granted to the underwriters to cover over-allotments. The price for one share and one warrant was $0.85 and the exercise price of each warrant is $1.0625.
The warrants have a five-year term and are callable by Biopure after six months provided that the weighted average price of Biopure’s common stock for 10 consecutive days is over $1.59.
Dawson James Securities acted as the managing underwriter for the public offering. Biopure intends to use the proceeds from this offering for general corporate and working capital purposes.