Cytori to Raise $17 Million in Private Placement with Olympus and Institutional Investors

Cytori Therapeutics (NASDAQ: CYTX) is to raise approximately $17 million from a private placement financing led by Olympus Corporation (TSE: 7733) with participation from select institutional investors. Net proceeds are expected to be approximately $16.4 million after offering-related fees and expenses. Cytori entered into agreements to issue a total of 2.83 million shares of common stock with 50% warrant coverage at $6.00 per unit. The warrants will be exercisable for up to a total of 1.42 million shares of common stock at an exercise price of $8.50 per share. The warrants will have a five year term and will be exercisable no sooner than six months following the closing of this transaction. Olympus, as the lead investor, will purchase one million shares and warrants exercisable for up to an additional 500,000 shares. Olympus... [read full story]