PHARMATEC ANNOUNCES INITIAL CLOSING OF PRIVATE FINANCING IN THE AMOUNT OF $1.0 MILLION
PHARMATEC ANNOUNCES INITIAL CLOSING OF PRIVATE FINANCING IN THE AMOUNT OF $1.0 MILLION GAINESVILLE, Fla., Nov. 7 /PRNewswire/ -- Pharmatec, Inc. (NASDAQ: PHTC) today announced that it has completed an initial closing for $1.0 million of
new capital with David Blech in the first stage of a private financing that will result in a total of $5.5 million of new capital for the company.
As previously announced, the terms of the financing provide that in exchange for $5.5 million, Pharmatec will issue 3,666,667 units of its securities. Each unit will consist of two shares of common stock and one Class A warrant. Each Class A warrant will be exercisable at a price of $1.25 for a period of six years from the date of the placement to purchase a unit consisting of one share of common stock and one Class B warrant. Each Class B warrant will be exercisable at a price of $1.75 for a period of seven years from the date of the placement to purchase one share of common stock. Although it is anticipated that David Blech and his affiliates will purchase substantially all of the units, D. Blech & Company, Incorporated will act as placement agent in connection with the financing. The company has issued Mr. Blech 666,666 units of its securities in exchange for the $1.0 million received in this initial closing. The balance of this private financing is expected to be completed in early 1992. At the completion of the financing, Mr. Blech and his affiliates will own approximately 60 percent of the outstanding stock of Pharmatec (without taking into effect any exercise of the Class A and B warrants). Pharmatec is a research-based drug development company specializing in two novel technologies -- a patented carrier system for enhancing the delivery of drugs to the brain and MOLECUSOL(R) brand cyclodextrins for improving the solubility, stability and delivery of drugs. D. Blech & Company, Incorporated is a New York City-based merchant banking firm specializing in biotechnology and the life sciences. -0- 11/7/91 /CONTACT: Bruce N. Barron, president of Pharmatec, 904-462-1210/ (PHTC) CO: Pharmatec, Inc. ST: Florida, New York IN: MTC SU: FNC BR-BN -- AT007 -- 2098 11/07/91 09:59 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 7, 1991|
|Previous Article:||STARSTREAM COMMUNICATIONS GROUP ANNOUNCES DISTRIBUTION AGREEMENT WITH WARNER MUSIC INTERNATIONAL|
|Next Article:||ANALOG DEVICES CREATES NEW SENIOR MANAGEMENT TEAM|