SAN DIEGO, April 9 /PRNewswire-FirstCall/ -- Lpath, Inc. (OTC Bulletin Board: LPTN - News), the category leader in therapeutic agents against bioactive lipids, today announced the receipt of approximately $13.9 million in the first closing of a private placement of unregistered shares of Class A common stock. The shares were issued at a price of $0.95 per share, with each investor also receiving warrants to purchase the number of shares of Class A common stock equal to 35% of the number of common shares purchased in this financing. The warrants have a five-year term and are immediately exercisable at a price of $1.05 per share into restricted shares of Class A common stock. Griffin Securities and McGinn Smith served as placement agents for the financing.
