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news.Aastrom Biosciences has executed definitive purchase agreements for the sale of approximately 11.8 million units in a registered direct placement to a select group of unaffiliated institutional investors at a price of $1.14 per unit for gross proceeds of approximately $13.5 million.
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Each unit consists of one share of the company’s common stock and a warrant to purchase 0.5 shares of the common stock at a price of $1.5875 per share, which represents a 25% premium to the company’s closing stock price.
These warrants are not exercisable for 6 months and one day after the date of issuance, and will then be exercisable thereafter for a period of 5 years. If the warrants are exercised it will generate up to an additional $9.4 million in proceeds to Aastrom. The transaction is expected to be completed within the next few days, subject to customary closing conditions. BMO Capital Markets served as the exclusive placement agent in this transaction.