Rafael Holdings +2.1% in midday trading after announcing it partially exercised a warrant to buy preferred equity in Rafael Pharmaceuticals, a clinical stage, metabolic oncology-therapeutics company.
CS Pharma Holdings, in which Rafael Holdings owns an effective 45% stake, partly exercised a warrant to buy 8M shares of Rafael Pharmaceuticals` series D convertible preferred stock for $10M, representing about 7.9% of Rafael`s equity.
The warrant in full is exercisable for up to 56% of the fully diluted equity of Rafael Pharmaceuticals.; CS Pharma had the right to exercise the first $10M of the warrant, with the rest held by a Rafael Holdings 90%-owned subsidiary.
Rafael Pharma plans to use the proceeds to advance clinical trial programs, research and develop additional molecules from its altered energy metabolism directed platform, and for general corporate purposes.
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“Rafael Pharma anticipates initiating Phase III clinical trials with CPI-613 in patients with pancreatic cancer and in patients with relapsed/refractory AML,” said Sanjeev Luther, Rafael Pharma`s president and CEO.
Rafael Holdings holds commercial real estate assets and interests in two clinical stage pharmaceutical companies.
Date: September 10, 2018
Source: MarketScreener
