Processing .....please wait.. 
The article has been forwarded.... 
XenoPort announces $40 Million Registered Direct Financing
By siliconindia
|
1 Comments
Santa Clara: XenoPort, a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the body's natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs, has obtained commitments from institutional investors to purchase approximately $40 million of its common stock and warrants in a registered direct offering.
Under the terms of purchase agreements, XenoPort will sell 1,889,467 newly issued shares of its common stock and warrants to purchase 283,420 shares of common stock at a purchase price of $21.17 per unit, with each unit consisting of one share of common stock and one warrant to purchase 0.15 of a share of common stock. The warrants are immediately exercisable at $25.40 per share and will expire five years from the date of issuance.
The financing was led by funds affiliated with Maverick Capital with participation by funds affiliated with Venrock. The net proceeds are expected to be approximately $39.7 million after offering expenses. This transaction is expected to close on or prior to January 5, 2009.