Inovio Pharmaceuticals Inc concludes offering of USD15.1m common shares and warrants
Mar 13, 2013 (Menafn - M2 EQUITYBITES via COMTEX) --Vaccine company Inovio Pharmaceuticals Inc (nyse mkt:INO) revealed on Tuesday the completion of an underwritten offering USD15.1m common stock and warrants.
The company completed its offering of 27,377,266 common shares and warrants to purchase up to 13,688,633 common shares at a combined price of USD0.55 per share and related warrant, which are exercisable at an exercise price of USD0.7936 per share and will expire, unless exercised, 180 days after the fifth anniversary of the date of issuance.
After deducting the underwriters' discounts and other estimated offering expenses and not including any potential proceeds from the cash exercise of any warrants, the company received net proceeds from the sale of the shares and the related warrants was approximately USD14.0m.
Net proceeds of the total offering are expected to be used by the company for general corporate purposes, clinical trial, research and development, general and administrative and manufacturing expenses, as well as potential acquisitions of companies and technologies.
In the offering, Cowen and Company LLC acted as sole book-running manager, Brean Capital, LLC acted as co-lead manager and Maxim Group LLC acted as co-manager.
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