MiddleBrook Pharmaceutical to sell 8.75 million shares in private placement

MiddleBrook Pharmaceuticals Inc. Friday said it would privately sell 8.75 million shares of its common stock to institutional investors for $2.40, below the company's Thursday closing price of $2.99.

The pharmaceutical company expects to raise $21 million from the deal, which also includes five-year warrants to buy 3.5 million shares at an exercise price of $3 a share.

MiddleBrook plans to use the proceeds from the offering to finance the manufacture of Moxatag, an amoxicillin product, as well as for working capital.

Rodman & Renshaw, a subsidiary of Rodman & Renshaw Capital Group Inc. was listed as exclusive placement agent in the deal.

Source : www.forbes.com

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