PALO ALTO, Calif., July 7, 2009 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. today announced the signing and closing of a private placement of an aggregate of 1,895,734 units, comprised of an aggregate of 1,895,734 shares of common stock and warrants to purchase up to 947,867 additional shares of common stock for aggregate gross proceeds of approximately $7 million. The per unit purchase price for a share of common stock and a warrant to purchase 0.50 of a share of common stock was $3.6925. The warrants have an exercise price of $4.00 per share and are exercisable for seven years.
The gross proceeds of the private placement were $7.0 million, and the company intends to use the proceeds for general corporate purposes. The units were purchased by funds affiliated with Longitude Capital. In connection with the transaction, Patrick Enright, a Managing Director of Longitude Capital, joined Jazz Pharmaceuticals' Board of Directors.
The securities offered and sold by Jazz Pharmaceuticals in this private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from registration requirements. Jazz Pharmaceuticals has agreed to file a registration statement with the SEC covering resale of the shares of common stock and the shares of common stock issuable upon exercise of the warrants issued in the private placement.
About Jazz Pharmaceuticals, Inc.
Jazz Pharmaceuticals is a specialty pharmaceutical company that identifies, develops and commercializes innovative treatments for important, underserved markets in neurology and psychiatry. For further information please see www.jazzpharmaceuticals.com.
CONTACT: Willie Quinn, Executive Director, Corporate Development of Jazz
Pharmaceuticals, Inc., +1-650-496-2800,
investorinfo@jazzpharmaceuticals.com; Karen L. Bergman, +1-650-575-1509, or
Michelle Corral, +1-415-794-8662, both of BCC Partners for Jazz
Pharmaceuticals, Inc.
Web site: http://www.jazzpharmaceuticals.com/