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NOVATO, Calif., Aug. 9, 2010 (GLOBE NEWSWIRE) -- Raptor Pharmaceutical Corp. ("Raptor" or the "Company") (Nasdaq:RPTP), announced it has entered into a securities purchase agreement in connection with a private placement, or PIPE financing. Upon the closing of the PIPE financing, Raptor will receive gross proceeds of approximately $15 million resulting from the sale of 4,897,614 units at a purchase price of $3.075 per unit. Each unit consists of one share of Raptor's common stock and one warrant to purchase one share of Raptor's common stock. The warrants will be exercisable for a five-year period and have an exercise price of $3.075 per share. The closing of the PIPE financing is subject to standard closing conditions.
JMP Securities LLC served as the exclusive placement agent for the transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. Raptor has agreed to file a registration statement with the Commission covering the resale of the shares of common stock, including shares of common stock issuable upon exercise of the warrants, sold in the private placement.
About Raptor Pharmaceutical Corp. Raptor Pharmaceutical Corp. (Nasdaq:RPTP) ("Raptor") is dedicated to speeding the delivery of new treatment options to patients by working to improve existing therapeutics through the application of highly specialized drug targeting platforms and formulation expertise. Raptor focuses on underserved patient populations where it can have the greatest potential impact. Raptor currently has product candidates in clinical development designed to potentially treat
non-alcoholic steatohepatitis ("NASH"),
Huntington's Disease ("HD"),
aldehyde dehydrogenase ("ALDH2") deficiency, and a
non-opioid solution designed to potentially treat chronic pain.
Raptor's preclinical programs are based upon bioengineered novel drug candidates and drug-targeting platforms derived from the human
receptor-associated protein ("RAP") and related proteins that are designed to target cancer, neurodegenerative disorders and infectious diseases.
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