IRVINE, Calif., June 29 /PRNewswire-FirstCall/ -- ISTA Pharmaceuticals, Inc. , today announced it has completed a previously announced $36.75 million private financing through the private placement of 5.25 million shares of common stock with institutional accredited investors at a purchase price of $7.00 per share. The Company plans to use the net proceeds from the private financing for general corporate purposes, including the funding of its R&D programs, which currently include the bepotastine, strong steroid, Xibrom and steroid combination product, and ecabet sodium clinical studies.
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 of the common stock 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.
