Thinly traded nano cap Regulus Therapeutics (RGLS +11.9%) is up on below-average volume on the heels of recent financing developments.
It will sell stock and warrants totaling ~$41.8M in a two-tranche private placement with institutional investors. The initial tranche, valued at ~$16.7M, consists of ~9.7M common shares and accompanying warrants at a combined price of $1.205. Certain investors have also agreed to 416K share of non-voting Class A-1 convertible preferred stock, each convertible into 10 common shares, at $10.80 per share along with five-year warrants to buy up to ~4.16M common shares at $1.08 per share at $0.125 per warrant. The transaction should close no later than May 7.
The second tranche of ~$25.1M of convertible preferred stock and accompanying warrants will be contingent on the restart of a Phase 1 study of RGLS4326 in autosomal-dominant polycystic kidney disease.
It has restructured its $14.7M term loan with Oxford Finance providing for a new 12-month period of interest-only payments and a new maturity date of May 2022.
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