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news.Kamada, an Israeli biopharmaceutical company, has entered into definitive agreements with Ralf Hahn, chairman of the board and one of the controlling shareholders, and UDT Med Holdings, New York, to sell 2.62 million shares of its common stock and 40% warrant coverage in a private allocation.
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The investors have agreed to purchase the shares at a purchase price of $2.67 per share resulting in gross proceeds of $7 million to Kamada.
Kamada intends to use the net proceeds from the sale of the shares to advance its clinical pipeline, including the development of its inhaled alpha-1 anti-trypsin and to accelerate the entrance of its products into the US and EU market.
The transaction is expected to close on March 31, 2009, subject to the approval of the general assembly of the shareholders.