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news.Regado Biosciences, a biopharmaceutical company focused on the late-stage clinical development of its actively controllable antithrombotic drug system, REG1, has entered into a definitive agreement to sell $20m of its common stock in a private placement to new and existing investors.
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Under the agreement, the investors will purchase an aggregate of 4 million shares of common stock at a purchase price of $5.00 per share. The net proceeds of the offering are expected to be used for general corporate and working capital purposes, including the ongoing Phase 3 REGULATE-PCI clinical trial.
The company believes that the expected net proceeds of this offering, together with its existing working capital, will be sufficient to fund the REGULATE-PCI trial through the second interim analysis, which is expected to occur by the end of the third quarter of 2014.
Cowen and Company acted as the lead placement agent for the offering, and BMO Capital Markets acted as co-placement agent. The offering is expected to close on 5 February 2014, subject to customary closing conditions.
The common stock being sold in the offering has not been registered under the Securities Act of 1933, as amended (the Act), or state securities laws, and may not be offered or sold in the US absent registration under the Act or an applicable exemption from such registration requirements.