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AmpliPhi Biosciences prices public offering to net $6.2M

AmpliPhi Biosciences Corp. has priced an underwritten public offering of 16,537,500 common shares plus common warrants to purchase an equal number of shares in an effort to raise $6.2 million.

The San Diego-based company is selling 1 common share or 1 pre-funded warrant plus 1 warrant to buy 1 common share for a combined effective price of 40 cents apiece. A pre-funded warrant's purchase price already comprises its exercise price, unlike a traditional warrant whose exercise price has to be paid while converting it into shares.

Each warrant can be immediately exercised for 40 cents per common share and will expire five years from the date of issuance. For each pre-funded warrant sold, the company will offer 1 less common share as part of the 16,537,500 tranche of securities.

The company also granted underwriters an option to buy up to an additional 2,480,625 common shares or warrants to buy an equal number of common shares at the public offering price.

AmpliPhi, which develops therapies for antibiotic-resistant infections, said the offering is slated to close Oct. 16 for expected net proceeds of about $6.2 million.

AmpliPhi expects to use the net proceeds from the offering for general corporate purposes, including manufacturing expenses, research and development, and general and administrative expenses.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.