NEW YORK--(BUSINESS WIRE)--Lev Pharmaceuticals, Inc. (“Lev”) (OTCBB: LEVP) today announced it has entered into definitive agreements to sell units of its securities in a registered direct offering for gross proceeds of approximately $35 million, before deducting placement agent fees and estimated offering expenses. Each unit consists of one share of common stock and warrants to purchase an additional 0.2 shares of common stock. Under the terms of the transaction, Lev will sell approximately 23.3 million units at a price of $1.50 per unit to a select group of institutional investors. The exercise price for the warrants will be $1.86 per share. At closing, the Company will issue approximately 23.3 million shares of common stock and warrants to purchase approximately 4.7 million shares of common stock to the investors. The closing of the offering is expected to take place on August 17, 2007, subject to the satisfaction of customary closing conditions.
