Pharmos Completes Private Placement – Raises $1.8 Million
Pharmos Corporation (Pink Sheets: PARS) announced today that it has completed a private placement of common stock and warrants. At the closing, the Company issued 18,000,000 shares of common stock and warrants exercisable for an additional 18,000,000 shares of common stock for an aggregate purchase price of $1,800,000. The exercise price of the warrants, which have a five-year term, is $0.12 per share.
In addition, Venrock Associates, New Enterprise Associates and Mr. Johnston agreed to convert at the closing the Company’s 10% Convertible Debentures due November 1, 2012 held by them, comprising an aggregate of $3,000,000 in principal amount, at a conversion price of $0.275 per share. Accrued but unpaid interest on their debentures, aggregating $80,403, was also converted at the closing, at a conversion price of $0.34 per share. An aggregate of 11,145,569 shares was issued at the closing upon conversion of the principal and accrued but unpaid interest on the debentures.
The proceeds from the private placement will be used to fund completion of the ongoing Dextofisopam Phase 2b trial and company operations through 2009. If the trial is successful, this financing would also support additional efforts to negotiate a strategic partnership or license arrangement with a pharmaceutical company. This is consistent with Pharmos’ strategy as previously communicated, since the Company does not have the resources to continue to develop Dextofisopam through a Phase 3 trial.
Full Article: http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/04-21-2009/0005010406&EDATE=
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