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news.Dusa Pharmaceuticals has entered into definitive agreements with institutional investors with respect to the private placement of 4,581,043 shares of its common stock at $2.40 per share.
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The transaction includes warrants to purchase up to 1,145,259 shares of Dusa’s common stock at an exercise price of $2.85 per share. The warrants will expire on April 30, 2013. Investors in this transaction include Deerfield Management and Greenway Capital.
Rodman & Renshaw, a wholly owned subsidiary of Rodman & Renshaw Capital Group, served as placement agent for the transaction while Trout Capital acted as a financial advisor to the company.
Proceeds worth approximately $11 million will be used to fund working capital, further advance Dusa’s Levulan photodynamic therapy clinical development programs and activities associated with expanding the company’s market presence in the US.
Bob Doman, president and CEO of Dusa, said: “We are pleased to have attracted such a high quality group of investors in this offering. This financing allows Dusa to fund its ongoing business and help us execute on the strategy set forth by management and the board of directors.”