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Champions Oncology Inc Raises $9.3 Million In Private Placement


Tuesday, 29 Jan 2013 10:00pm EST 

Champions Oncology Inc announced the Company raised $9.3 million at a price of $0.50 per share in a private placement to existing and new investors. No commissions were paid in connection with the private placement. Proceeds from the financing will be used to: Grow the TumorGraft bank to support the current Translational Oncology Solutions business and future biomarker development efforts, Continue to build out the Senior Management team, Initiate a validation study for the Personalized Oncology Solutions business and General corporate purposes. The private placement was comprised of the issuance of 18.6 million shares of common stock to accredited investors at a price of $0.50 per share, a premium of 16% to January 29, 2013 closing price. Gross proceeds to the Company will be $9.3 million. Concurrent with the closing of the private placement, the Company will issue warrants to the investors which will entitle the holders to purchase up to 1,860,000 additional shares of common stock at $0.66 per share for a period of five years following the date of issuance. The Company also granted the investors certain registration rights with respect to the shares of common stock and shares of common stock issuable upon exercise of the warrants. 

Company Quote

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