MicroIslet Inc., a San Diego-based biotech, plans to issue approximately $3.9 million in new common stock, the company announced July 27.
“The proceeds of the financing are expected to be used for working capital purposes to advance the company’s recent successes in primates towards development of clinical studies,” said Dr. James Gavin III, the president and chief executive officer of MicroIslet.
MicroIslet has agreed to sell approximately 2.6 million shares to new and existing institutional and other accredited investors. The buyers of this stock will be issued five-year warrants to purchase some 1.4 million shares.
MicroIslet is traded on the American Stock Exchange under the ticker symbol MII and closed July 27 at $1.86, up 3 cents from the previous day’s close.
, Andy Killion
