Antigenics has entered into definitive agreements to sell in a private placement of approximately 5 million shares of its common stock at a price of $2.00 per share. It resulted in gross proceeds of $10 million, before deducting placement agent fees and other offering expenses.
The investor in this private placement will also receive six-month warrants to purchase up to 2.5 million additional shares of common stock at an exercise price of $2 per share, and four year warrants to purchase up to approximately 2.2 million additional shares of common stock at an exercise price of $2.30 per share.
The closing of the offering is expected to occur on or about August 3, 2009. Rodman & Renshaw, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, served as the exclusive placement agent for the offering.
Proceeds from the financing will be used primarily for funding key commercial and regulatory efforts, including the support of Antigenics’ efforts with Oncophage (vitespen) in Russia, Europe and other territories.