Genesis Biopharma Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Lion Biotechnologies Inc Raises Approximately $23 Million In Private Financing
Lion Biotechnologies Inc announced that it has entered into definitive agreements with institutional and other accredited investors to raise approximately $23 million in a private financing. Subscribers have agreed to purchase units consisting of either one share of common stock and a warrant to purchase a share of common stock, or one share of the newly authorized Series A Convertible Preferred Stock and a warrant to purchase the number of shares of common stock initially issuable upon the conversion of the preferred stock. The shares of common stock (and accompanying warrants) will be sold at $2.00 per share, and the shares of Series A Convertible Preferred Stock (and accompanying warrants) will be sold at $1,000 per share. The shares of Series A Convertible Preferred Stock will have a stated value of $1,000 per share and will initially be convertible into shares of common stock at a price of $2.00 per share (subject to customary adjustment for stock splits, reorganizations, and similar changes). Each warrant entitles the holder to acquire one share of common stock at a price of $2.50 for a period of five years from the closing. After paying the placement agent fees and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $21.6 million. The offering is expected to close on or about November 4, 2013, subject to customary closing conditions.
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