IRVINE, Calif., June 23 /PRNewswire-FirstCall/ -- ISTA Pharmaceuticals, Inc. , announced today it has completed a previously announced private placement of $40 million in aggregate principal amount of senior subordinated convertible notes to several institutional accredited investors. The net proceeds from the sale of the senior subordinated convertible notes were approximately $37 million, after payment of placement agent fees and estimated offering expenses.
The private placement was made only to institutional accredited investors in accordance with Section 4(2) under the Securities Act of 1933 and the rules and regulations promulgated thereunder. The securities sold in the private placement have not been registered under the Securities Act of 1933 or any state securities laws and unless so registered may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933 and applicable state securities laws. In connection with the private placement, ISTA has agreed to file a registration statement to register for resale the common stock issuable upon the conversion of the senior subordinated convertible notes sold in the private placement. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the securities issued in the private placement.
About ISTA
ISTA is a specialty pharmaceutical company focused on the development and commercialization of unique and uniquely improved ophthalmic products. ISTA's products and product candidates seek to address serious diseases and conditions of the eye, such as dry eye, vitreous hemorrhage, diabetic retinopathy, hyphema, glaucoma, ocular pain, and inflammation. Building on this pipeline, ISTA's goal is to continue its growth as a specialty pharmaceutical company through a combination of its own product development efforts and by acquiring complementary product candidates. For additional information regarding ISTA, please visit ISTA Pharmaceuticals' Website at http://www.istavision.com/.
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