The investors in this private placement will also receive five-year warrants to purchase up to seven million additional shares of common stock at an exercise price of $3.75 per share.
Proceeds from the financing will be used primarily for funding key commercial and regulatory efforts, including the launch of Oncophage (vitespen) in Russia and possible filings in Europe and Canada.
Rodman & Renshaw, a wholly owned subsidiary of Rodman & Renshaw Capital Group, served as the exclusive placement agent for the offering.