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news.Pharmaceutical company Bionovo has completed the previously announced public offering of 10 million shares of its common stock at a public offering price of $2.50 per share and five million warrants to purchase shares of common stock at $3.50 per share at a price of $0.10 per warrant.
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The net proceeds to the company of the offering were approximately $24 million, after payment of underwriting discounts and commissions, but excluding estimated offering expenses. Bionovo will use the proceeds to advance its clinical programs.
Bionovo has granted the underwriters a 30-day option to purchase up to an additional 15% of the offering to cover over-allotments. All of the shares were offered by Bionovo. BMO Capital Markets Corp. and Canaccord Adams acted as joint book-running managers for the offering, with Merriman Curhan Ford & Co. acting as a co-manager.
Isaac Cohen, chairman and CEO of Bionovo, said: “We’re pleased to have the funding to progress our clinical programs, as we strive to bring to market safe and effective therapeutics for currently unmet needs in women’s health. It is unfortunate that, despite new innovations like Bionovo’s, there are many women’s health issues that receive insufficient attention.”