Antigenics to place 8.7 million shares for $26M

New York, USA-based Antigenics has entered into agreements to receive $26.1 million from certain investors in a private placement, subject to customary closing conditions. The company will be selling around 8.7 million shares of its common stock at a price of $3.00 each, which represents a 40% premium above the closing price on January 8.

Under the terms of the offering, investors will also receive unit warrants to purchase up to approximately 8.7 million additional shares of common stock for $3.00 each. These would be triggered by the completion of another qualifying financing transaction within two years of the closing date of the private placement.

The lead institutional investor in the offering is Invus Public Equities, with participation from Oracle Investment Management and other accredited investors. Garo Armen, chief executive of Antigenics, served as the sole private investor.