Deals

Victory Electronic Cigarettes Corp. Raises $10M in Conv Notes Deal at 67% Discount

By |

Victory Electronic Cigarettes Corporation (ECIG) announced that it has raised $9,825,000 in a Convertible Promissory Notes transaction. The fixed conversion price of the Convertible Promissory Notes is $5.00 per share, an approximate 66.67% discount to the market price ($15.00) of ECIG at deal announcement. A series of 1,965,000 60-Month Warrants with an exercise price of $5.00 per share (66.67% discount) was issued to the investors in this transaction. Issuer counsel was Robinson Brog Leinwand Greene Genovese & Gluck P.C. The transaction closed on January 14, 2014. via PlacementTracker.

Deals

NanoViricides Raises $20M in RDO at 13% Discount via Chardan Capital, Midtown Partners

By |

NanoViricides, Inc. (NNVC) announced that it has raised $20,030,246 in a Registered Direct transaction. The common stock was sold at $5.25 per share, an approximate 13% discount to the market price ($6.05) of NNVC at deal announcement. A series of 2,479,935 60-Month Warrants with an exercise price of $6.05 per share was issued to the investors in this transaction. Chardan Capital Markets acted as Lead Agent with Midtown Partners as Co-Agent on the transaction. Placement Agent counsel was Gracin & Marlow and issuer counsel was Kane Kessler.

Markets

2013 Growth EPP Activity Marked by Hesitant Investors

By |

Despite the Wall Street juggernaut that fueled hefty returns across market bellwethers as disparate as the Standard & Poor’s 500, Russell 2000 and Nasdaq Biotechnology indexes, equity private placement dollars flowing into emerging growth companies slowed in 2013 even as the number of deals ticked up from the prior year. Growth equity private placement (EPP) issuers raised $11.6 billion in 642 deals in 2013 for an average deal size of $18.1 million, according to PlacementTracker, a division of Sagient Research. Dollar volume fell by 20% versus 2012, but growth companies completed 25 more transactions. The declining dollar volume continues a several-year trend. In 2010 issuers raised $18.4 billion in 876 growth EPPs, and in 2011 they pocketed $15.2 billion in 699 deals.

News

Growth Capital Executive Moves

By |

H.C. Wainwright Strengthens Biotech and Cap Markets Teams with Hires of MLV Executives

H.C. Wainwright & Co. announced the addition of two senior professionals to further enhance its expertise in biotechnology equity research and capital markets. George B. Zavoico, Ph.D. joins HCW in equity research as Managing Director, Senior Biotechnology Analyst.  Prior to joining HCW, Dr. Zavoico was a Managing Director, Life Sciences Research Analyst at MLV & Co. and previously had been a Senior Life Sciences Research Analyst at Cantor Fitzgerald & Co.  Prior to becoming a sell-side analyst in 2003, Dr. Zavoico had a distinguished career in the pharmaceutical and biotechnology industry in consulting, competitive intelligence, regulatory affairs and medical and technical writing.  He has significant experience in basic scientific research and drug discovery in both academia and industry. John A. Ray III joins HCW as Director of Institutional Sales & Trading.  Mr. Ray will lead HCW's efforts in building its at-the-market (ATM) offering business.  Prior to joining HCW, Mr. Ray was also at MLV & Co., where he specialized in ATM issuance and trading in the biotech, resources and technology industries.  Previously, Mr. Ray was a senior institutional trader at WM Smith & Co., Hudson Securities, Knight Securities and Herzog, Heine & Geduld.