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news.Cleveland BioLabs, a drug discovery and development company, has raised approximately $1.7 million in capital through a private placement of approximately 170 shares of series D convertible preferred stock, with a stated value of $10,000 per share and warrants to purchase an aggregate of 919,876 shares of the company's common stock.
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The company intends to use the proceeds of the private placement for working capital purposes. The company is continuing with efforts to raise additional capital on the same terms and conditions.
Initially, each share of series D preferred is convertible into approximately 5,405.5 shares of common stock at the initial conversion price of $1.85. The conversion price is subject to automatic reduction in a fixed amount on a periodic basis (commencing on August 13, 2009) and also is subject to reduction if certain scientific milestones are not met by the company. The warrants have a seven-year term and an initial exercise price of $2.60.