OPKO Health, Inc. (NYSE Amex:OPK) today announced that it has entered into definitive agreements to raise an aggregate of $30 million in a private placement transaction. Under the terms of the investment, the Company agreed to issue approximately 1.2 million shares of an 8.0% Series D Cumulative Convertible Preferred Stock, par value $0.01, at a purchase price of $24.80 per share, and warrants to purchase an aggregate of approximately 3 million shares of the Company’s common stock. Shares issued in the investment, including the shares of the Company’s common stock into which the preferred shares and warrants may be converted, are subject to a three year contractual lockup, with no registration rights.
“This financing transaction provides the Company with additional financial resources to fund acquisitions and support bringing the Company’s projects and pipeline of novel drugs and products to market,” said Phillip Frost, M.D., Chairman and CEO.