WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced that it has entered into purchase agreements with two institutional investors for the sale of units consisting of Encorium Common Stock and Warrants for a purchase price of $2.86 per unit. The unit consists of 1,748,252 shares of Common Stock and Warrants to purchase 874,126 shares of Encorium Common Stock at an exercise price of $4.12 per share for a period of five years, commencing six months from the date of issuance. The transaction is expected to provide gross proceeds of approximately $5 million to Encorium before deducting costs associated with the offering. Savvian Advisors LLC acted as placement agent for the sale of the units.
