NOVATO, Calif., Dec. 23 /PRNewswire-FirstCall/ -- Raptor Pharmaceutical Corp. (“Raptor” or the “Company”) , today announced that on December 22, 2009, it completed its registered direct offering with institutional investors, raising an aggregate amount of approximately $7.5 million of gross proceeds (before placement agent fees and offering expenses) through the sale of 3,747,558 units. The units consist of one share of common stock and one warrant to purchase 0.5 of a share of common stock with a term of five years, and one warrant to purchase 0.5 of a share of common stock with a term of 18 months. Both warrants have an exercise price of $2.45 per share of common stock and are not exercisable for six months. The shares of common stock and warrants were issued separately.
As previously disclosed, Raptor intends to use the net proceeds from the offering for general corporate purposes, including activities related to further clinical development of DR Cysteamine and for other working capital and operational purposes.
The offering was made pursuant to the Form S-3 shelf registration statement declared effective by the Securities and Exchange Commission (the “SEC”) on November 5, 2009. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from the SEC’s website at http://www.sec.gov, or from Ladenburg Thalmann & Co. Inc., 520 Madison Avenue, 9th Floor, New York, New York 10022.
Raptor Pharmaceutical Corp. (“Raptor”) is dedicated to speeding the delivery of new treatment options to patients by working to improve existing therapeutics through the application of highly specialized drug targeting platforms and formulation expertise. Raptor focuses on underserved patient populations where it can have the greatest potential impact. Raptor currently has product candidates in clinical development designed to potentially treat nephropathic cystinosis, non-alcoholic steatohepatitis (“NASH”), Huntington’s Disease (“HD”), aldehyde dehydrogenase (“ALDH2") deficiency, and a non-opioid solution designed to potentially treat chronic pain.
For additional information, please visit www.raptorpharma.com.
FORWARD LOOKING STATEMENTS
CONTACT: Kim R. Tsuchimoto, CFO, +1-415-382-1390,
ktsuchimoto@raptorpharma.com, or for the Ruth Group: Sara Ephraim
Pellegrino (investors), +1-646-536-7002, spellegrino@theruthgroup.com, or
Janine McCargo (media), +1-646-536-7033, jmccargo@theruthgroup.com
Web site: http://www.raptorpharma.com/
