US contract research company PharmaKinetics Laboratories Inc hassuccessfully completed a $5 million cash investment and strategic partnership transaction with a group of investors led by CAI Advisors & Co and Aster Cephac SA, a French contract research organization headquartered in Paris.
Under the terms of the transaction, PharmaKinetics has sold to the investor group, for a total cash payment of $5 million, 833,300 shares of Class A convertible preferred stock, convertible into 3,333,000 million shares of common stock, plus warrants to purchase 6,250,000 million shares of common stock, exercisable for three years at an exercise price of $1.20 per share.
The deal, according to PharmaKinetics president and chief executive James Leslie, means the company can create the balance sheet strength which has been lacking for the past several years. The funds will be put to work to acquire the resources necessary to enhance the firm's technical and scientific capabilities. Aster's founder and chief executive, John Thebault, says "we have been looking to expand in North America in order to serve our customers better."
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