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news.Emeryville biotech Bionovo has priced a public offering of 10 million shares of common stock at a 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 company has granted a 30-day option to the underwriters to purchase up to an additional 15% of the offering to cover over-allotments. The net proceeds to the company of the offering are approximately $24 million, after payment of underwriting discounts and commissions, but excluding estimated offering expenses.
BMO Capital Markets and Canaccord Adams acted as joint book-running managers for the offering, with Merriman Curhan Ford & Company acting as a co-manager. These shares were issued pursuant to an effective shelf registration statement.