MR contrast developer Advanced Magnetics said it has completed a two-part stock and warrant offering. The company closed a $13.8 million direct sale of its common stock June 1 to Great Point Partners of Greenwich, CT, and one of the company's directors. In this first offering, Cambridge, MA-based firm sold 1.5 million shares of common stock and warrants for 290,525 shares for a net proceed of $13.8 million.
In a second offering with the same terms, on June 2 the company sold 347,370 shares of its common stock and warrants to purchase 69,474 shares of common stock to Vivo Ventures, LLC, of Palo Alto, CA. Net proceeds from this offering were $3.3 million.
Advanced Magnetics estimates that the combined net proceeds from the two-part sale will be $16.7 million, after costs associated with the deals are deducted. The company plans to use the money to fund clinical development programs and general working capital.
By AuntMinnie.com staff writers
June 3, 2005
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