Horizon Pharma Announces $50.8 Million Private Placement
22.05.12
Announced today the execution
of a securities purchase agreement with a select group of
institutional and accredited investors providing for a private
placement financing. Upon the closing of the private financing,
Horizon will receive gross proceeds of approximately $50.8 million
resulting from the sale of 14,033,829 units at a price of $3.62125
per unit. Each unit consists of one share of Horizon's common stock
and a warrant to purchase 0.25 shares of common stock at an exercise
price of $4.308 per share. The financing is expected to close on
March 2, 2012 subject to standard closing conditions. JMP Securities
LLC, Cowen and Company, LLC and Stifel Nicolaus Weisel served as
joint-lead placement agents for the financing.
Horizon expects that the net proceeds from this financing, combined
with existing cash resources, will fund the company's operations into
the second half of 2013 and will be used for the ongoing commercial
launch of DUEXIS(R) in the U.S., to pursue regulatory approval for
LODOTRA(R) in the U.S. and DUEXIS in Europe and for working capital
and other general corporate purposes.
Source: MarketWatch (press release)