Genelabs raises $9 million

Genelabs Technologies of the USA says that it has completed the sale of 6.1 million shares of its common stock to institutional and accredited investors at a price of $1.42 per share. In connection with the sale, Genelabs also issued investors with warrants to purchase an additional 2.5 million shares, also at an exercise price of $1.42 each. Gross proceeds from the sale of common stock and warrants were $9.0 million. Oppenheimer & Co acted as placement agent in the transaction.

The common stock and warrants to purchase common stock have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the USA without a registration statement or exemption from registration.