NEW YORK--(BUSINESS WIRE)--Lev Pharmaceuticals, Inc. (OTCBB: LEVP.OB) today announced that it has completed its previously announced “registered direct” offering of its common stock and warrants resulting in gross proceeds of $35 million. At closing, Lev issued 23,333,333 shares of common stock and warrants to purchase up to 4,666,667 additional shares of common stock to a select group of institutional investors. The warrants will be exercisable for a five year period beginning on August 17, 2007 at an exercise price of $1.86 per share. Lev expects to receive approximately $32.4 million in net proceeds, after deducting the placement agents’ fees and estimated offering expenses.
