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Purdue invests $3.5mm in Novelos, potential for $5.5mm more
29 Sep 2009
Executive Summary
Novelos Therapeutics (oxidized glutathione compounds for cancer and hepatitis C) has sold pain company Purdue Pharma 5.3mm common shares at $0.66 each (a 20% discount) for gross proceeds of $3.5mm. Purdue received six-year warrants to purchase 1.8mm shares for the same price. If additional authorized shares are available, Novelos could sell Purdue another $5.5mm in common stock--8.3mm shares--plus warrants to buy 2.9mm common. Coupled with the investment Purdue made in February via their alliance for lung cancer candidate NOV002, Purdue now has approximately a 38% stake in Novelos. Concurrent with the present financing, the companies agreed to negotiate rights for NOV002 in additional territories.
Deal Industry
- Biotechnology
- Pharmaceuticals
Deal Status
- Final
Deal Type
-
Financing
- Private Investment in Public Equity
- Private Placement
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Purdue invests $3.5mm in Novelos, potential for $5.5mm more
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