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Intellipharmaceutics International Inc Closes USD3.1 Million Registered Direct Offering of Units

Monday, 25 Mar 2013 02:53pm EDT 

Intellipharmaceutics International Inc announced that it has closed its previously announced registered direct unit offering for gross proceeds of approximately USD3.1 million at a price of USD1.72 per unit. The Company sold units comprised of an aggregate of 1,815,000 common shares and warrants to purchase an additional 453,750 common shares. The warrants are exercisable immediately, have a term of five years and an exercise price of USD2.10 per common share. After placement agent fees and estimated offering expenses, the Company received net proceeds from the offering of approximately USD2.7 million. Roth Capital Partners, LLC, served as lead placement agent for the offering. Brean Capital and Maxim Group LLC served as co-placement agents for the transaction. Intellipharmaceutics intends to use the net proceeds to file additional Abbreviated New Drug Applications (ANDAs) with the Food and Drug Administration, to advance clinical trials for its abuse resistant Rexista technology and/or other NDA 505(b)(2) opportunities, to establish additional partnerships, and for working capital, research, product development and general corporate purposes. 

Company Quote

0.03 +1.08%
25 Jul 2014