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Trovagene closes $18M securities offering

San Diego-based cancer therapy developer Trovagene Inc. closed an offering of securities, raising $18 million in the process.

The company issued 9,140,000 class A units, each made up of a common share and a warrant to buy an additional stock for $1.10 per share. The class A units themselves were priced at $1 each.

Trovagene also sold 8,860 class B units, each made up of a preferred stock with a value of $1,000, plus a warrant to buy common shares of the company at $1 each.

The preferred stocks are convertible into common shares of the company.

The company intends to use the net proceeds to fund its research and development activities and for working capital and general corporate purposes. Trovagene's primary focus is to develop treatments for blood and solid tumor cancers.

ThinkEquity, a division of Fordham Financial Management Inc., acted as sole book-running manager for the offering.

The underwriter can buy up to an additional 2.7 million common shares of the company, plus warrants to purchase an equal number of stocks at a future date.