PETALUMA, Calif., Feb. 21, 2014 (GLOBE NEWSWIRE) -- Oculus Innovative Sciences, Inc. (Nasdaq:OCLS) announced today that it has entered into definitive agreements with two life sciences-focused institutional investors for the sale of 450,620 units, consisting of shares of common stock, and Series A and Series B warrants, at a per unit price of $3.00 per share. The total amount sold consisted of a combination of: (1) 450,620 shares of its common stock; (2) Series A warrants to purchase up to 450,620 shares of common stock at an exercise price of $3.00 per share and a term of five years; and (3) Series B warrants to purchase up to 1,400,000 shares of common stock at an exercise price of $3.63 per share. The Series B warrants are not exercisable for six months following the closing of the IPO and have a term of 18 months. The Series B warrants have not vested and will not vest until the completion of the initial public offering (IPO) by the company’s subsidiary, Ruthigen, Inc. The Series B warrants terminate on March 31, 2014, if the Ruthigen IPO has not occurred by that date.
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