NEW YORK (Thomson Financial) - Penwest Pharmaceuticals Co. Thursday said it
has entered into a securities purchase agreement with certain institutional
accredited investors with respect to the private placement of 8.14 million
units.
Each unit, which consists of one common share and a warrant to purchase half
a share of stock, will be sold for $3.0825. The company expects $23.2 million in
net proceeds from the offering, which it plans to use to fund clinical trials as
well as for working capital and general corporate purposes.
Shares of the Danbury, Conn.-based drug development company closed Wednesday
at $3.03.
Ryan Vlastelica
rv/vj
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