Windtree Therapeutics Inc., a Warrington-based biotechnology and medical device company focused on developing drug product candidates and medical device technologies to address acute cardiovascular and pulmonary diseases, has completed a $26.4 million private placement of common stock and warrants. In connection with this offering, Windtree issued 8,749,999 shares of common stock at a purchase price of $3.02 per share and warrants to purchase 4,375,002 shares of common stock at an exercise price of $4.03 per share.
The warrants may be exercised starting six months after the closing date and through the fifth anniversary of such closing date. After offering expenses and the cancellation of $2.95 million of existing indebtedness in exchange for the securities offered, the company received net proceeds of approximately $23.0 million.
In connection with the closing, Windtree entered into a Registration Rights Agreement with the investors to provide for registration of the shares of common stock issued in the offering and the shares of common stock issuable upon exercise of the warrants. The company agreed to file a registration statement covering the shares of common stock with the Securities and Exchange Commission no later than the earlier of four trading days following the date that the Company files its annual report on Form 10-K for the fiscal year ending December 31, 2019, or April 10, 2020.