Celsion Corporation (NASDAQ: CLSN) today announced that will sell an aggregate of approximately 2.1 million shares of its common stock and warrants, potentially exercisable for up to approximately 630,000 additional shares of its common stock. The securities will be sold in units at a price of $3.1675 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.3 shares of common stock. The warrant will be exercisable at a price of $3.13 per share and will expire five years from the issuance date. The closing of the offering is expected to take place on or about July 6, 2011, subject to the satisfaction of customary closing conditions. The estimated net proceeds are expected to be approximately $6 million
Acura Pharmaceuticals, Inc. (Nasdaq:ACUR) announced today the receipt of a $20 million milestone payment from Pfizer, Inc. triggered by the approval of OXECTA (Oxycodone HCl, USP) Tablets CII.
A.P. PHARMA, INC. (OTC:APPA) voted yesterday to increase the total number of authorized shares of common stock from 100,000,000 to 1,500,000,000. In addition, yesterday it entered into a Securities Purchase Agreement to sell for an aggregate price of $24.0 million 160,000,006 shares of its common stock and warrants to purchase 80,000,005 shares with an exercise price of $0.18 per share. The Private Placement is expected to close on July 1, 2011, subject to customary closing conditions. For each Share to be purchased, the investors will receive one Warrant to purchase 0.5 shares of common stock at a purchase price of $0.15 per Unit.
Cadence Pharmaceuticals, Inc. (Nasdaq: CADX) announced that the FDA website was updated to indicate that an Abbreviated New Drug Application (ANDA) was submitted to the FDA on April 7, 2011 for a generic version of its drug, OFIRMEV (acetaminophen). Cadence has not received notice of a Paragraph IV certification with respect to this ANDA filing.
Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) also today announced that the FDA website indicates that an Abbreviated New Drug Application (ANDA) for a generic version of NUEDEXTA (dextromethorphan hydrobromide and quinidine sulfate) capsules was submitted on March 7, 2011. The company received Paragraph IV certification notices on June 30, 2011.
StemCells, Inc. (Nasdaq:STEM) today announced that it will effect a one-for-ten reverse stock split on July 6, 2011. The reverse stock split will reduce the number of shares outstanding from approximately 137 million to approximately 13.7 million. Concurrent with the reverse stock split, the Company will reduce its authorised number of common shares from 250m to 75 million, effectively tripling the number of authorised shares.
Zogenix, Inc. (Nasdaq:ZGNX), announced that it has entered into a $30 million royalty financing agreement with Cowen Healthcare Royalty Partners II, L.P. In addition, Cowen Royalty will make an equity investment of $1.5 million in Zogenix common stock and will receive warrants exercisable for 10 years into 225,000 shares of Zogenix common stock at an exercise price of $9.00 per share. Under the terms of the structured royalty financing agreement, Cowen Royalty will invest $30 million in exchange for 5%, stepping down to 0.5%, of worldwide annual net sales of SUMAVEL(R) DosePro(R), Zohydro(TM) (hydrocodone bitartrate) extended-release capsules (previously known as ZX002) and other products developed or marketed by Zogenix, co-promotion revenue and out-license revenues generated by Zogenix during the agreement term, subject to certain exclusions. Cowen Royalty will also receive fixed payments totaling $30 million, the last of which is payable in the first quarter of 2017, with the royalty obligation continuing through the first quarter of 2018. Concurrent with this agreement, Zogenix amended its $25 million term loan with Oxford Finance Corporation and Silicon Valley Bank to defer principal repayment to February 1, 2012, eliminating $3.7 million of principal payments in 2011. An NDA filing is expected in early 2012.
Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC) today announced that it has priced an underwritten offering of an aggregate 7,617,646 units at an offering price of $1.36 per unit for gross proceeds of $10.36 million.