Lev Pharma completes $35M offering

New York, USA-based Lev Pharmaceutical says that it has completed its previously-announced "registered direct" offering of its common stock and warrants resulting in gross proceeds of $35.0 million.

At closing, Lev issued 23,333,333 shares of common stock and warrants to purchase up to 4,666,667 additional shares to a select group of institutional investors. The warrants will be exercisable for a five-year period beginning on August 17, at an exercise price of $1.86 per share. Lev expects to receive around $32.4 million in net proceeds, after deducting the placement agents' fees and estimated offering expenses.