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news.VioQuest Pharmaceuticals has raised an aggregate of approximately $3 million through the sale of units consisting of shares of its series A convertible preferred stock and warrants to purchase shares of its common stock, pursuant to a series of subscription agreements with selected accredited investors.
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At the second closing, the company sold 2,195 shares of series A convertible preferred stock for $1,000 per share, or gross proceeds of approximately $2.2 million. At the initial closing of the private placement on March 14, 2008, the company sold 765 shares of series A convertible preferred stock, realizing gross proceeds of approximately $0.7 million.
Each share of series A convertible preferred stock is convertible into shares of the company’s common stock at $0.06 per share, or 49.3 million shares of common stock in the aggregate. The purchasers also received a five-year warrant to purchase an aggregate of approximately 24.7 million shares of common stock at an exercise price of $0.10 per share.
VioQuest intends to use the proceeds of the private placement for general corporate purposes, including working capital.