Mintz Levin Represents Cyclacel Pharmaceuticals in $3.4 Million Offering
7/31/2009
New York, NY – Mintz Levin attorneys Joel Papernik, Todd Mason and Avisheh Avini served as the principal attorneys in representing Cyclacel Pharmaceuticals, Inc., a New Jersey-based biotechnology company, in the sale of its shares of common stock and warrants for gross proceeds of $3.4 million, before deducting placement agent fees and offering expenses, through a registered direct offering with select institutional investors led by Special Situations Fund. The gross proceeds may increase by $2.5 million in the event the investors exercise a portion of the warrants issued in the offering which expire in seven months.
The company, which develops drugs to treat human cancers and other serious disorders, entered into definitive agreements to raise $3.4 million on July 24, 2009 and completed the offering on July 29, 2009.
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With over 400 clients in the life sciences industry, in addition to handling complex financing transactions, Mintz Levin's attorneys have closed hundreds of transactions in the Life Sciences sector in the past two years alone including 117 venture capital transactions totaling $1 billion, 128 mergers and acquisitions totaling $45 billion, 33 public offerings totaling $2.8 billion, and 168 other financings (PIPEs, private placements, SPACs and fund formations) totaling over $ 7.9 billion.
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