ARCA biopharma Announces Closing of $20 Million Equity Offering
6/5/2013 9:53:22 AM
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BROOMFIELD, Colo.--(BUSINESS WIRE)--ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically-targeted therapies for cardiovascular diseases, today announced the closing of the previously announced public offering of the Company’s Series A Convertible Preferred Stock (the “Preferred Stock”) and warrants to purchase shares of the Company’s common stock. ARCA issued to investors 125,000 shares of Preferred Stock together with warrants to purchase 6.25 million shares of common stock. Each share of Preferred Stock is convertible into 100 shares of common stock. Each investor received a warrant to purchase 50 shares of common stock for each share of Preferred Stock purchased. ARCA received approximately $18 million in net proceeds from the stock offering. Dawson James Securities, Inc. acted as sole placement agent for the offering.
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