Hollis-Eden Pharma to raise $26M

Hollis-Eden Pharmaceuticals, headquartered in San Diego, USA, says that it has entered into definitive agreements to raise $26.0 million in gross proceeds through the sale of shares of its common stock and warrants to new and existing institutional investors pursuant to its existing shelf registration statement previously filed and declared effective by the Securities and Exchange Commission.

The company has entered into purchase agreements with these investors pursuant to which it has agreed to sell a total of 4,000,000 shares of its common stock at $6.50 per share and to issue these investors four-year warrants to buy up to an additional 800,000 shares at an exercise price of $8.75 each. The warrants are not exercisable until six months following issuance. The closing of the transaction is expected to occur on or about February 6. Rodman & Renshaw acted as exclusive lead placement agent, with Canaccord Adams as exclusive co-placement agent, for the offering.