Actionable news
0
All posts from Actionable news
Actionable news in VKTX: Viking Therapeutics,

Viking Therapeutics Enters Into $12.5 Million Common Stock Purchase Agreement with Aspire Capital

SAN DIEGO, Aug. 25, 2016 /PRNewswire/ -- Viking Therapeutics, Inc. ("Viking") (VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced it has entered into a $12.5 million common stock purchase agreement with Aspire Capital Fund, LLC ("Aspire Capital").

Under the terms of the agreement, Aspire Capital has made an initial purchase of $500,000 of Viking common stock at $1.50 per share, which represents a 15% premium over the August 24 closing price of $1.31. In addition, after the Securities and Exchange Commission (SEC) declares the registration statement related to the transaction effective, Aspire Capital has committed to purchase up to an additional $12.0 million in shares of common stock over the next 30 months at prices based on the market price at the time of each sale. No warrants, derivatives, or other share classes are associated with this agreement. Proceeds from the stock purchase agreement will be used for general corporate purposes, including advancing the company's drug development pipeline.

"This agreement with Aspire Capital, a long-term, healthcare-focused institutional investor, provides Viking with increased flexibility as we enter an important period for the company and our development pipeline," said Brian Lian, Ph.D., chief executive officer of Viking. "The initial stock sale to Aspire Capital, as well as the group's commitment to further investment over the next 30 months, offers the potential to significantly...


More