Biopure announces offer pricing
Biopure Corp of the USA has announced the pricing of an underwritten public offering of stock and warrants. Subject to closing conditions, the underwriters have agreed to purchase from the company 25 million new shares of Biopure common stock and warrants to acquire an additional 25 million. The price for one share and one warrant is $0.64, and the exercise price of each warrant is $0.80.
This transaction is expected to result in net proceeds to Biopure of approximately $14.4 million assuming no exercise of the warrants issued in the offering. The company intends to use the proceeds for general corporate and working capital purposes.
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