ADVENTRX Pharmaceuticals, Inc. reported the completion of an already disclosed sale of stock in a direct offering to several institutional investors. Rodman & Renshaw, LLC was the placement agent for the offering.
ADVENTRX Pharmaceuticals, Inc. received gross proceeds of $19.2 million in the sale, and will use the proceeds to continue research on its main products, the acquisition of new products and general corporate purposes.
ADVENTRX Pharmaceuticals, Inc. issued Series F convertible preferred stock to the investor group that is convertible into common shares of ADVENTRX Pharmaceuticals, Inc. at a conversion price of $3.7025 per share. The preferred stock also pays a 2.19% cumulative dividend through May 2020.
Investors that participated in the offering also received two classes of warrants to buy common stock of ADVENTRX Pharmaceuticals, Inc. The series A warrants allow the purchase of an aggregate of 1.82 million shares at an exercise price of $3.65 per share. The warrants are exercisable after closing and for up to five years from issuance.
The series B warrants allow the purchase of an aggregate of 778,000 shares at an exercise price of $3.65 per share. These warrants are exercisable any time after the closing of the transaction.
ADVENTRX Pharmaceuticals is an early stage pharmaceutical company specializing in cancer treatment.