NuPathe Announces Closing of $28 Million Private Placement and Changes to Its Board of Directors
NuPathe (NASDAQ: PATH), a specialty pharmaceutical company focused on the development and commercialization of branded therapeutics for diseases of the central nervous system, today announced the closing of its previously disclosed $28 million sale of securities. The securities were sold as units, each consisting of 1/1,000th of a share of newly designated Series A preferred stock and a warrant to purchase one share of the Company's common stock. The purchase price per unit was $2.00. Leerink Swann LLC acted as lead placement agent and MTS Securities, LLC acted as co-placement agent in connection with the financing.
In addition, NuPathe announced that, in conjunction with the financing, James A. Datin, Executive Vice President and Managing Director, and Brian J. Sisko, Senior Vice President and General Counsel at Safeguard Scientifics, Inc. (NYSE: SFE), along with Richard S. Kollender, Partner at Quaker Partners Management, L.P. were appointed to NuPathe's Board of Directors. Jeanne Cunicelli, Investment Partner at Bay City Capital LLC, and Dr. Gary Kurtzman, Senior Vice President and Managing Director at Safeguard, resigned from the board.
"We welcome Jim, Brian and Richard to our Board, and expect their significant industry and business expertise to be strong assets for NuPathe as we work to obtain approval for Zecuity™, seek a commercial partner, and conduct pre-launch activities for this valuable new treatment," said Armando Anido, Chief Executive Officer at NuPathe. "We also thank Jeanne and Gary for their valuable contributions to the company."
Jim Datin is currently Executive Vice President and Managing Director at Safeguard Scientifics, a growth capital provider to life sciences and technology companies. Jim brings to the NuPathe board more than 25 years of experience as a successful CEO, who has raised capital for entrepreneurs to grow companies, and has turned around troubled companies throughout the United States, Europe and Asia. At Safeguard, Jim leverages this expertise to drive partnership opportunities for both life science and technology partner companies, and has earned a multinational track record of success. Prior to Safeguard, Jim was CEO of Touchpoint Solutions; Group President of Dendrite International; Group Director, Corporate Business Strategy and Planning at GlaxoSmithKline (NYSE: GSK); CEO of Isuta Holdings Berhad; and Director, International Business at Baxter International, Inc. (NYSE: BAX) /Merck KGaA. Jim currently serves on the board of directors of NovaSom, Putney, Hepatitis B Foundation, and the University City Science Center.
Richard Kollender is a partner at Quaker Partners, a venture capital
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