On December 26, 2007, the company entered into a securities purchase agreement in connection with a private placement to a group of institutional accredited investors.
In the closings, which occurred on December 26, 2007 and January 3, 2008 the company received approximately $25 million in gross proceeds from the sale of four million shares of its common stock at a purchase price of $6.18 per share, and the issuance of five-year warrants to purchase 1.21 million additional shares of common stock at an exercise price of $8.034 per share. The warrants were purchased at a price per underlying share of $0.125.
The financing was led by SV Life Sciences, a life sciences-focused venture capital adviser and manager. Other participating investors include Deerfield Management and Wasatch Advisors, and its private equity affiliate, Cross Creek Capital.
Pacific Growth Equities served as the exclusive placement agent for the transaction.