|By PR Newswire||
|December 26, 2012 04:32 PM EST||
NEW YORK, Dec. 26, 2012 /PRNewswire/ -- Actinium Pharmaceuticals, Inc., a leader in the field of alpha radioimmunotherapy for treatment of advanced cancers, is pleased to announce that it has successfully completed a first closing of $5.1 million in its current round of financing, for which Laidlaw & Company (UK) Ltd. is exclusive placement agent. Funding will be used primarily for further development of Actimab‐A, Actinium's lead drug candidate in multicenter Phase I/II trials in Acute Myeloid Leukemia (AML) and Iomab – B, a Phase II clinical stage bone marrow conditioning agent for preparing patients for hematopoietic stem cell transplantation.
Jack Talley, President and CEO of Actinium, said: "This raise allows us to aggressively continue our clinical programs aimed at helping acute myeloid leukemia patients who have few or no other options today and very little time to wait. We are addressing almost completely unmet medical needs with both of our drug candidates."
Under the terms of the offering the Company sold approximately 9.3 million shares of common stock and issued 9.3 million warrants at $0.55 per share which expire 120 days from the final closing of the offering and approximately 4.6 million warrants at an exercise price of $0.825 per share which expire five years after the final close of the offering. The Company is authorized to sell up to $15 million in gross proceeds and is allowed to keep the offering open until January 31, 2013. The Company is planning to go public via a reverse merger prior to year end. As part of that process the Company is currently soliciting consents to exchange private shares for public shares in a one for three reverse split. Post the reverse merger transaction, the offering will continue on the same terms on a pro-forma basis with the common shares offered at $1.65 per share, the 120 day warrants exercise price at $1.65 per share and the 5 year warrants exercise price at $2.48 per share.
About Actinium Pharmaceuticals
Actinium Pharmaceuticals, Inc. is a New York, New York based biopharmaceutical company that develops innovative alpha particle immunotherapeutics based on its proprietary platform for the therapeutic utilization of alpha particle emitting actinium-225 and bismuth-213 isotopes in association with monoclonal antibodies. The Company also develops other radiopharmaceuticals for select applications.
About Laidlaw & Company, LTD.
Laidlaw & Company is a full service investment bank and securities brokerage firm with offices in New York, London, San Francisco and select additional locations. Its corporate finance efforts are focused on the healthcare, natural resource and social commerce sectors. In addition to capital raising, its investment banking arm provides M&A, restructuring and other financial advisory services for public and private small cap and middle market clients across a broad cross section of industry sectors. Its brokerage arm provides wealth management services for domestic and international high net worth and institutional clients. Laidlaw is a member of FINRA and SIPC.
For more information:
Visit our web site www.actiniumpharmaceuticals.com or contact:
Jack Talley, CEO
Actinium Pharmaceuticals Inc.
Tel: (646) 459-4201
E-mail: [email protected]
Forward-Looking Statement for Actinium Pharmaceuticals, Inc.
This news release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential, or financial performance. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Actinium Pharmaceuticals undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Actinium Pharmaceuticals, Inc.
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