Accentia Biopharmaceuticals

Accentia enters into definitive deal for a $25 million financing

Published in Lab Business Week, November 5th, 2006

Accentia Biopharmaceuticals, Inc., (ABPI) has entered into a definitive agreement for a 4-year term, $25 million exchangeable convertible debenture financing, with several institutional investors.

Funding was completed on October 2, 2006. Rodman & Renshaw, LLC acted as the sole placement agent for the financing. The proceeds will be used to strengthen the company's cash position, repay certain short-term debt, support commercialization of its specialty pharmaceuticals business and develop intranasal antifungals for chronic sinusitis.

The debenture offering provides investors with an 8% coupon and 35% warrant coverage at an exercise price of $2.75 per...

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Source: Lab Business Week (2006-11-05)

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