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news.Penwest Pharmaceuticals has entered into a securities purchase agreement with certain institutional accredited investors with respect to the private placement of 8.14 million units for a purchase price of $3.08 per unit, or gross proceeds of $25.1 million.
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An aggregate of 8.14 million shares of common stock and warrants for the purchase of an aggregate of 4.07 million shares of common stock will be issued by the company upon the closing of the private placement, which is subject to satisfaction of customary closing conditions.
The company expects that the private placement will result in net proceeds of approximately $23.2 million to the company, after deducting the placement agent’s fees and estimated offering expenses payable by the company. The company intends to use the net proceeds to fund development of product candidates in its pipeline, including a Phase IIb clinical trial of nalbuphine ER and Phase I trials of A0001, and for working capital and other general corporate purposes.