Arno Therapeutics (ARNI) announced that it has raised $12.7 million in a Convertible Senior Debentures transaction with investors including directors and Sabby Management.
The fixed conversion price of the Convertible Debentures is $0.30 per share. A series of 42,350,000 60-Month Warrants with an exercise price of $0.50 per share were issued to the investors in this transaction.
An additional series of 42,350,000 18-Month Warrants with an exercise price of $0.30 per share were issued to the investors in this transaction.
Maxim Groupacted as the exclusive agent on the transaction. Issuer counsel was Fredrikson & Byron, PA and investor counsel was Ellenoff Grossman & Schole. The transaction closed on Nov. 26, 2012.
See the PlacementTracker Deal Summary.