Cytogen to Raise $20 Million Through Private Placement of Common Stock and Warrants
Cytogen Corporation announced that it has entered into purchase agreements with certain institutional investors for the sale of 7,092,203 shares of its common stock and 3,546,108 warrants to purchase shares of its common stock at a price of $2.82 per unit, through a private placement. The warrants have a term of five years and an exercise price of $3.32 per share. The transaction is expected to provide gross proceeds of approximately $20 million to Cytogen before deducting costs associated with the offering. The Company expects to use the proceeds to support the commercial launch of CAPHOSOL(R), which Cytogen in-licensed in October 2006, advance its clinical development programs, pursue additional in-licensing opportunities, and other general corporate purposes. The parties expect to close the transaction as soon as possible.
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