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news.Biotech firm Neurologix has completed a private placement of $15 million of its newly created Series D convertible preferred stock at a price of $35 per share. Each share of Series D stock is convertible into approximately 30.17 shares of common stock.
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The purchasers in the transaction include previous investor General Electric Pension Trust and new investor Corriente Master Fund. In addition, the company has issued warrants to purchase approximately 3.23 million shares of its common stock at an exercise price of $1.39 per share.
Holders of shares of the company’s Series C preferred stock who participated in this transaction had their shares automatically converted into shares of Series D stock and additional shares of Series C stock.
The proceeds from the transaction, net of expenses, will be used to finance the company’s Phase II clinical trial for the treatment of Parkinson’s disease, its Phase I clinical trial for the treatment of epilepsy and for corporate purposes.
John Mordock, president and CEO of Neurologix, said: “We are pleased that these elite financial institutions have chosen to invest in Neurologix as we advance the development of our novel gene transfer approach to the treatment of serious central nervous system disorders.”