- aTyr Pharma (NASDAQ:LIFE) announces that it has entered into a definitive securities purchase agreement with certain institutional and other investors including members of the Company’s Board of Directors. Gross proceeds are expected to be ~$45.8M.
- Investors have agreed to purchase 5.9M shares of common stock at $2.65 per share. Viking Global Investors, one of the investors will purchase 2.3M shares of non-voting Class X Preferred Stock at $13.25 per share, each of which is convertible into 5 shares of common stock upon certain conditions. Each common share, and on an as-converted basis for the preferred stock, will be issued with a warrant to purchase 0.375 additional shares of aTyr’s common stock at an exercise price of $4.64, representing a 75% premium to the purchase price of common stock, with an expiration date of December 31, 2019.
- Net proceeds from the transaction will be used to advance its pipeline programs and for general corporate purposes.
- Closing date is August 31.
- Shares are up 6% premarket on light volume.
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