Anika completes $3.9 million private placement.WOBURN, Mass.--(BUSINESS WIRE)--March 4, 1996--Anika Research Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ANIK ANIK Canadian COMSAT ) announced today the completion of a private placement to institutional and private accredited investors of 1,405,000 shares of newly issued common stock. Total gross proceeds were $3.9 million and net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company after fees and expenses will be approximately $3.5 million. In connection with the private placement, the company granted certain registration rights and will file a registration statement with the Securities and Exchange Commission registering these securities. Proceeds from the private placement will be used for working capital and the repayment of debt. Leerink, Swann & Company acted as the placement agent for this transaction. "This financing provides Anika with the resources to pursue the clinical development and the European regulatory approval of ORTHOVISC, our lead hyaluronic acid product for the treatment of osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. ," stated Duffy DuFresne, president of Anika. Anika is dedicated to the development and manufacturing of technologically advanced hyaluronic acid products for surgical and therapeutic medical applications. Product development programs include: ORTHOVISC, Anika lead compound for the treatment of osteoarthritis and temporomandibular joint (TMJ TMJ abbr. temporomandibular joint syndrome Temporomandibular joint pain (TMJ) Pain and other symptoms affecting the head, jaw, and face that are caused when the jaw joints and muscles controlling them don't work ) dysfunction; INCERT for the prevention of surgical adhesions; and HA oligosaccharides oligosaccharides (ol´igōsak´  rīdz),n. for the treatment of cancer. CONTACT: Anika Research, Woburn Sean Moran, 617/932-6616 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion