Deals

Access Pharmaceuticals Raises Cash with PIPE, Dividend Deal

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Access Pharmaceuticals (ACCP) announced that it has raised $4.7 million in a Convertible Preferred Stock transaction. The fixed conversion price of the Convertible Preferred Stock is $0.50 per share, an approximate 92.31% premium to the market price ($0.26) of ACCP at deal announcement. A series of 9,400,000 72-Month Warrants with an exercise price of $0.50 per share (92.31%premium) was issued to the investors in this transaction. This Placement is part of a $10 million financing. The other $5.3 million was funded in the form of outstanding dividends payable.

Deals

Orexigen Therapeutics Raises $60M in CMPO

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Orexigen Therapeutics (OREX) has raised $60.5 million in a CMPO/Overnight transaction. The common stock was sold at $5.50 per share, an approximate 0.36%

discount to the market price ($5.52) of OREX at deal announcement. Credit Suisse Securities (USA), Bank of America Merrill Lynch, and Leerink Swann acted as agents on the transaction. Placement Agent counsel was Ropes & Gray, and issuer counsel was Latham & Watkins. The transaction is expected to close on Oct.

Deals

Novavax Raises $27M in Registered Direct

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Novavax (NVAX) announced that it has raised $27,000,000 in a Registered Direct transaction with investors RA Capital Management, Camber Capital Management and Ayer Capital Management. The common stock was sold at $2.18 per share, an approximate 1% premium to the market price ($2.16) of NVAX at deal announcement. This transaction was completed without an agent. The investors were Issuer counsels were Ballard Spahr and Ropes & Gray. The transaction closed on Oct.

Deals

XOMA Corp. Raises $40M in CMPO/Overnight Offering

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XOMA Corp. (XOMA) announced that it has raised $40 million in a CMPO/Overnight transaction. XOMA discovers and develops innovative antibody therapeutics. The common stock was sold at $3.00 per share, an approximate 7% discount to the market price ($3.22) of XOMA at deal announcement. Credit Suisse Securities and Cowen and Company acted as agents on the transaction, with Wedbush PacGrow Life Sciences acting as financial advisor. Placement Agent counsel was Latham & Watkins, and issuer counsel was Cooley.