EWING, N.J.--(BUSINESS WIRE)--Antares Pharma, Inc. (NYSE Amex: AIS) today announced that it has entered into definitive agreements with a small number of institutional investors to raise $8.5 million in gross proceeds in a registered direct offering through the sale of shares of its common stock and warrants. Antares has entered into subscription agreements with each of these investors pursuant to which it has agreed to sell a total of 10,625,000 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.4 of a share of common stock (or a total of 4,250,000 shares), at a purchase price of $0.80 per unit. The warrants will be exercisable six months after issuance at $1.00 per share and will expire 5 years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. The closing of the transaction is scheduled to occur on July 29, 2009, subject to the satisfaction of customary closing conditions. All of the securities were offered pursuant to an effective shelf registration statement.
