(Source: Datamonitor)
US-based Alexza Pharmaceuticals has entered into a definitive agreement with various institutional investors to raise $19.7 million in a private placement of its common stock.
Under the terms of the financing, Alexza is expected to sell approximately 8.1 million shares of common stock and warrants to purchase approximately 7.3 million shares of common stock at a total purchase price of $2.4325 per unit.
The investors in this private placement will receive seven-year warrants, exercisable immediately, to purchase 0.9 shares of Alexza common stock for each share of common stock purchased. The warrant exercise price is $2.77 per share.
Alexza expects to net approximately $19.1 million in the transaction, after deducting offering expenses. RBC Capital Markets acted as the sole placement agent for this offering.
The closing of the offering is subject to certain customary conditions and is expected to occur on or about October 5, 2009. Proceeds from the financing will be used primarily for working capital and general corporate purposes.
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