http://news.moneycentral.msn.com/provider/...=20090522&id=9929667
Vical to Raise $15.4 Million in Registered Direct Offering
Friday , May 22, 2009 08:30ET
SAN DIEGO, May 22, 2009 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today announced that it has received commitments from two institutional investors, including Federated Kaufmann Fund, to purchase approximately $15.4 million of securities in a registered direct offering. Vical expects to receive net proceeds of approximately $14.6 million after deducting placement agent fees and other offering expenses. Under the terms of a Securities Purchase Agreement, Vical will sell an aggregate of 6,666,667 shares of its common stock and options to purchase up to 3,333,333 additional shares of its common stock. Each unit, consisting of one share of common stock and an option to purchase approximately one-half of a share of common stock, will be sold for a purchase price of $2.3125. The options to purchase additional shares will be exercisable six months after issuance at $2.25 per share and will expire 90 days from the date they are first exercisable. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used in the further development of Vical's ongoing programs, as well as for other general corporate purposes.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM) acted as the placement agent for the transaction. |
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