WATERTOWN, Mass.--(BUSINESS WIRE)--Acusphere, Inc. (NASDAQ: ACUS) announced that yesterday it entered into definitive agreements with institutional investors to raise $20.00 million in gross proceeds in a “registered direct” offering through the sale of shares of its common stock and warrants. The Company estimates that net proceeds from the offering will be approximately $18.65 million, after deducting placement agent fees and estimated offering expenses. Acusphere has entered into subscription agreements with these investors pursuant to which it has agreed to sell a total of 7,694,220 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.4 shares of common stock at an exercise price of $3.10 per share, for a purchase price of $2.60 per unit. Units will not be issued or certificated. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants will be exercisable beginning on December 15, 2007 and until June 15, 2012. The closing of the transaction is scheduled to occur on June 15, 2007, subject to the satisfaction of customary closing conditions. Cowen and Company, LLC acted as exclusive placement agent for the offering.
