Hana Biosciences to raise $40M

California, USA-based Hana Biosciences says that it has obtained commitments from several institutional investors to purchase around 4.7 million shares of its common stock at a price of $8.50 each, including the purchase of about 72,000 shares by affiliated investors at $9.07 per share (the closing price of Hana's common stock on the Nasdaq National Market on May 16).

The transaction is subject to certain customary closing conditions and was expected to close on or about May 19. The aggregate gross proceeds of the offering are expected to be some $40.0 million, with net proceeds of approximately $37.2 million.

Lehman Brothers served as the lead placement agent, with Jefferies & Co and Oppenheimer & Co acting as co-placement agents.