ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) informed investors today that its Board had unanimously rejected a takeover offer from Valeant Pharmaceuticals International, Inc. (NYSE: VRX) to acquire all shares for $6.50 per share. ISTA noted that the offer was grossly inadequate and significantly undervalues ISTA as it is poised for significant revenue growth next year. The company has previously guided that it intends to submit its NDA for low-concentration bromfenac (PROLENSA) during 1Q 2012 and, upon approval, anticipate launching PROLENSA in late 2012. PROLENSA is lower concentration BROMDAY (currently marketed) for postoperative inflammation and reduction of ocular pain in patients who have undergone cataract extractions.
MELA Sciences, Inc. (NASDAQ: MELA) today announced it will offer 5m shares of its common stock at a price of $3.25 per share for net proceeds of approximately $14,960,000.
StemCells, Inc.(Nasdaq:STEM) priced its offering of an aggregate of 8m units and 8m Series B Warrants at $1.25 per unit for gross proceeds of $10m. The Series B Warrants are exercisable immediately at an exercise price of $1.25 per Unit. The Series B Warrants will expire at the close of business on the 90th trading day after the date of issuance. If all Series B Warrants are exercised, it will receive proceeds of $10m