Date: 2016-06-08
Type of information: Private placement
Company: Pieris (Germany)
Investors:
Amount: $16.5 million
Funding type: private placement
Planned used: Pieris expects to use the proceeds from the financing towards further development and pre-clinical and clinical work of its proprietary Anticalin® product portfolio, including product candidates PRS-080, PRS-060 and PRS-343 programs, as well as the development of other programs and product candidates, and general corporate purposes.
Others:
- • On June 8, 2016, Pieris Pharmaceuticals announced closing of the private placement consisting of 8,188,804 units at a price of $2.015 per unit, for total gross proceeds of approximately $16.5 million, before deducting placement agent fees and offering expenses.
- • On June 6, 2016, Pieris Pharmaceuticals announced that it entered into a securities purchase agreement for a private placement with a select group of institutional investors, including lead investor BVF Partners L.P. and its affiliates as well as existing and new investors.
- The private placement will consist of 8,188,804 units, at a price of $2.015 per unit, for gross proceeds of approximately $16.5 million, before deducting placement agent fees and offering expenses. Each unit will consist of
- (i) one share of Pieris' common stock or non-voting series A convertible preferred stock convertible into one share of common stock,
- (ii) 0.40 warrants to purchase one share of common stock at an exercise price of $2.00 per share and
- (iii) 0.20 warrants to purchase one share of common stock at an exercise price of $3.00 per share.
- Each share of non-voting series A convertible preferred stock is priced at $2,015 per share, and is convertible into 1,000 shares of Pieris common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.99% of the total number of shares of Pieris common stock then outstanding.
- The warrants will be exercisable for a period of five years from the date of issuance. Cowen and Company acted as lead placement agent for the transaction and Oppenheimer & Co. and Trout Capital acted as co-placement agents.
Therapeutic area: Cancer - Oncology
Is general: Yes
