Sevion Therapeutics, Inc. ("Sevion" or the "Company") (SVON) today announced that on July 27, 2015 the Company closed a private placement with certain accredited investors (the “Offering”) whereby the Company sold units consisting of shares common stock or convertible preferred stock of the Company and warrants to purchase shares of common stock for aggregate gross proceeds of approximately $6,548,963.
Each share of the convertible preferred stock is initially convertible into 10 shares of common stock. The warrants will have an exercise price of $1.50 per share, and will expire 30 months from the closing date, though they are exercisable in whole or in part at any time prior to expiration.
Laidlaw & Company (UK) Ltd. acted as placement agent for the Offering.
Investors in the Offering included certain affiliates of the Company’s Board of Directors (the “Board”), including Opko Health, Inc., of which Dr. Phillip Frost, a member of the Company’s Board, is Chief Executive Officer and Chairman.
The net proceeds of the Offering will be used for working capital, research and development and general corporate purposes.
Related Quotes
More
“This new funding is a great vote of confidence in Sevion’s technology and continuing research efforts,” said Dr. Waksal, Sevion’s Chairman of the Board. “We greatly appreciate the support of the investors and we will endeavor to continually add value to their investment.”
All my posts are my OPINION>>IMO>>>Do your own Due Diligence!!.......rareF...deal with it
