Innovate Biopharmaceuticals Announces Entry Into Securities Purchase Agreement to Fund Initiation of the First Phase 3 Celiac Disease Clinical Trial
INNOVATE BIOPHARMACEUTICALS (INNT)
Last innovate biopharmaceuticals earnings: 8/8 04:30 pm
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US:NASDAQ Investor Relations:
ir.innovatebiopharma.com/news-releases
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Source: GlobeNewswire
RALEIGH, N.C., March 18, 2019 (GLOBE NEWSWIRE) -- Innovate Biopharmaceuticals, Inc. (“Innovate” or the “Company”) (Nasdaq: INNT), a clinical stage biotechnology company focused on developing novel autoimmune and inflammation therapeutics, announced that on March 17, 2019, it entered into an agreement (the “Agreement”) with SDS Capital Partners II LLC and certain other accredited investors (together, the “Purchasers”) providing for the sale by the Company at a purchase price of $2.33 per share as further described below of up to 4,291,845 shares (the “Shares”) of its common stock (the “Common Stock”), up to 2,575,107 five-year term warrants with an exercise price as further described below at a premium to the purchase price and up to 4,291,845 12-month term warrants at an exercise price of $4.00 (total of up to 6,866,952 shares of Common Stock). The Company intends to use the net proceeds from this offering to fund initiation of the first Phase 3 clinical trial of its lead progr
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