Financings in Brief: Anika Research
This article was originally published in The Gray Sheet
Executive Summary
Anika Research: Hyaluronic acid products developer and manufacturer enters an agreement with Axiom Venture Partners under which Axiom will pay Anika $2 mil. in exchange for convertible cumulative preferred stock with a 9% dividend rate and warrants to acquire preferred stock. Preferred stock may be converted one-for-one into common shares by the holder. Anika says that prices for the preferred stock and exercise price of warrants will be "the lower of $2 per share or an amount based upon the average closing price of Anika common stock for a specified period prior to the closing of the financing." The financing is expected to close by May 15...