Vermillion closes previously announced private placement with investors

Vermillion, Inc. (Nasdaq: VRML), a bio-analytical solutions company focused on gynecologic disease, announced today that the Company closed its previously announced private placement with investors including Oracle Investment Management, Jack W. Schuler, Birchview Fund LLC and several Vermillion directors. Total proceeds were $10.5 million, before offering expenses. The proceeds will be used for working capital and general corporate purposes.

Under the terms of the private placement, Vermillion sold 6,944,445 unregistered shares of its common stock at the price of $1.44 per share, the closing price quoted on NASDAQ on December 18, 2014. In addition, the investors received unregistered warrants to purchase up to an aggregate of 4,166,659 unregistered shares of Vermillion common stock at an exercise price of $2.00 per share. The warrants become exercisable six months after the closing of the private placement and have a term of three years from the date of issuance. If and when the warrants are exercised, the Company will realize an additional $8.3 million in proceeds, bringing the total investment to approximately $18.9 million, before transaction costs.

Source:

Vermillion, Inc.

Advertisement

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News-Medical.Net.
Post a new comment
Post
You might also like... ×
Researchers identify way to grow immune cells at large scale for preventing cancer reoccurrence