Novelos Therapeutics in Madison announced the pricing of a public offering of 11 million units at 50 cents/unit. Gross proceeds are expected to be $5.5 million.
Each unit consists of one share of common stock, a Class A Warrant with a one-year term to purchase half a share at 50 cents/share, and a Class B Warrant with a five-year term to purchase one share at 50 cents per share. Novelos expects to close the offering around Feb. 19.
The company will use the money for research and development and general corporate services. Novelos develops new drugs to diagnose and treat cancer.
