By a News Reporter-Staff News Editor at China Weekly News -- RestorGenex Corporation (OTCQB: RESX), a specialty biopharmaceutical company, announced that it closed its private placement, which raised approximately $35.6 million in gross proceeds. RestorGenex received net proceeds of approximately $31.3 million, after deducting placement agent fees and other offering expenses. RestorGenex sold 8,895,685 shares of its common stock and warrants to purchase up to 2,668,706 additional shares of its common stock in a private placement to institutional and accredited investors. Each unit, consisting of one share of common stock and a warrant to purchase 0.3 of a share of common stock, was sold for a purchase price of $4.00. Each full warrant is exercisable immediately into one common share of common stock at an exercise price of $4.80 per share and will expire four years from its date of issuance. As a result of closing this financing, RestorGenex currently has outstanding approximately 18.4 million shares of common stock and 24.5 million fully diluted shares.
"We are pleased to have raised this significant amount of money," said Stephen M. Simes, RestorGenex's chief executive officer. "We intend to use the proceeds to continue the development of our proprietary dermatology, ophthalmology and women's health portfolio products, as well as to explore our other portfolio products and technologies, for working capital and other general purposes."
Maxim Group, LLC was the exclusive placement agent for the transaction.
Institutional investors included Ally Bridge Group, a global healthcare-focused investment manager which is founded and led by Frank Yu, with bases in Hong Kong and the United States. Ally Bridge Group and its affiliates manage over $500 million in assets in both the United States and China, and has expertise in cementing strategic partnerships between emerging life sciences companies and industry leaders, and between companies in China and the United States.
Keywords for this news article include: Asia, China, RestorGenex Corporation.
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