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Trimel Pharmaceuticals Corp Completes $40 Million Equity Financing

Wednesday, 24 Apr 2013 08:12am EDT 

Trimel Pharmaceuticals Corp announced that it has completed its previously announced public offering (the Offering), for aggregate gross proceeds of $40,000,000. In connection with the Offering, the Company issued a total of 50,000,000 common shares at a price of $0.80 per common share. The Offering was completed by a syndicate of underwriters led by RBC Capital Markets and including D&D Securities Inc. and Paradigm Capital Inc. (collectively, the Underwriters). Each of Bloom Burton & Co. and Roth Capital Partners, LLC also provided certain advice to the Company in connection with the Offering. As previously announced, the Company has also granted the Underwriters an option to cover over-allotments and for market stabilization purposes (the Over Allotment Option), which will allow the Underwriters to purchase up to an additional 7,500,000 common shares. The Over Allotment Option may be exercised at any time up to 30 days following the closing of the Offering. The Company intends to use the net proceeds from the Offering to pay for the costs of completing the CompleoTRT New Drug Application, payment of certain milestone payments related to CompleoTRT, manufacturing scale-up costs and finished goods production related to CompleoTRT, costs of Tefina clinical trials, maintenance of cash amounts to remain in compliance with the Company's existing credit facilities, and for general corporate purposes. 

Company Quote

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24 Dec 2014