Princeton-based pharmaceutical company Soligenix announced today it has signed a stock purchase agreement with Lincoln Park Capital Fund LLC providing an initial investment in Soligenix of $600,000 and the availability of additional periodic investments up to $10.0 million over a 36-month term.
According to the announcement, the company received an investment of $600,000 in exchange for the issuance of 285,714 shares of common stock to LPC. The per-share purchase price of $2.10 was equal to the closing price on the day prior to the execution of the agreement. At its sole discretion, Soligenix has the right to sell to LPC up to an additional $10.0 million of its common stock.
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