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news.SGX Pharmaceuticals has entered into a securities purchase agreement in connection with a private placement to a group of institutional investors that includes OrbiMed Advisors and Great Point Partners.
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The company said that it will receive $25 million in gross proceeds from the sale of 4,943,154 shares of its common stock and the issuance of seven-year warrants to purchase 1,482,944 additional shares of SGX common stock at an exercise price of $5.77 per share.
The per unit purchase price of a share of SGX common stock and a warrant to purchase 0.30 of a share of SGX common stock is $5.0575.
The aggregate net proceeds of the private placement, after deducting the placement agent’s fees and estimated offering expenses payable by SGX, are expected to be approximately $23.2 million. SGX intends to use the net proceeds from the financing to support its R&D efforts as well as for general corporate purposes.
Lazard Freres & Co. served as the exclusive placement agent for the transaction.