Perth-headquartered bio-nanotech company pSivida Ltd has closed the first tranche of its $21.3 million American Depository Shares and warrants sale, raising $12.5 million through the sale of 9.2 million units.
The full text of a company announcement is pasted below
pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI) announced that it closed the first tranche of its previously reported registered direct offering. Net of placement agents' commissions, the Company received approximately US$10.7 million (A$12.5 million) in proceeds from the first tranche of the offering, which related to 9,202,000 units.
Each unit consists of (i) one ADS, representing ten ordinary shares, and (ii) one warrant to purchase 0.40 ADS, with a warrant exercise price of US$1.65 (A$1.93) per ADS, exercisable from the date of issuance through the fifth anniversary of the issuance.
Cowen and Company, LLC acted as lead placement agent and JMP Securities LLC acted as coagent in this offering. The ADSs and warrants were offered under pSivida's effective shelf registration statement previously filed with the Securities and Exchange Commission on March 6, 2007, which registration statement became effective on March 9, 2007.