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Oncobiologics raises $8.4M in private debt and warrant deal

Published 12/23/2016, 05:00 PM
Oncobiologics raises $8.4M in private debt and warrant deal
OTLK
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  • Oncobiologics (Pending:ONS) inks an agreement with existing investors for the direct placement of up to $10M of senior secured promissory notes and five-year warrants to acquire up to 2.3M shares of common stock at $3.00. The one-year notes bear interest of 5.0% per annum.
  • At closing, the company issued $8.35M of the notes and 1,920,500 warrants. It may issue the remainder over the next 90 days if noteholders approve.
  • Proceeds will fund the repayment of existing senior secured bank loans and working capital as the company pursues strategic opportunities.
  • Today's close was $2.33.


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