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Aastrom Biosciences Inc Announces Closing Of Public Offering Of Common Stock And Warrants


Friday, 16 Aug 2013 11:27am EDT 

Aastrom Biosciences Inc announced the closing of the previously announced underwritten public offering of 29,000,000 shares of its common stock, and warrants to purchase up to an aggregate of 29,000,000 shares of common stock, at a price to the public of $0.30 per share. The warrants have a per share exercise price of $0.375, are exercisable immediately, and expire five years from the date of issuance. Aastrom has also granted the underwriters a 45-day option to purchase additional shares of common stock and warrants to cover over-allotments, if any. As of the closing date, the underwriters have purchased an additional 1,000,000 shares of common stock and 1,000,000 warrants to purchase an aggregate of 1,000,000 shares of common stock to cover over-allotments. The gross proceeds to Aastrom from this offering, including the over-allotment, were $9,000,000 before deducting underwriting discounts and commissions and other estimated offering expenses. All of the shares in the offering were sold by the Company. The Company intends to use the net proceeds from the offering to conduct its clinical development programs including the Phase 2b ixCELL-DCM clinical trial, working capital needs, and for other general corporate purposes. Aegis Capital Corp. acted as sole book-running manager for the offering. Maxim Group LLC acted as a co-manager for the offering. 

Company Quote

3.52
-0.11 -3.03%
17 Apr 2014