SCOLR Pharma (SCLR) Announces Final Closing of Private Placement
SCOLR Pharma, Inc. (SCLR) announced on Thursday that it has closed the second and final tranche of its previously-announced private placement of its 8 percent Senior Secured Convertible Debentures due 2013 (the “Debentures”). The Company raised a total of $1,190,200 in the offering. The Company intends to use the net proceeds for working capital and other general corporate purposes.
Taglich Brothers, Inc. acted as placement agent in connection with the offering. SCLR will pay Taglich a success fee equal to 7 percent of the gross proceeds of the sale of the Debentures. Taglich Brothers will also receive a warrant to purchase a number of shares of common stock equal to 5% of the total number of shares into which the principal amount of the Debentures sold in the offering are convertible. The exercise price of the warrant is $0.0625 per share.
“The completion of this offering will allow us to continue to focus on the development of our nutritional business and on our efforts to secure licensing or partnership support for our pharmaceutical products,” said SCLR’s President and CEO Stephen Turner in a June 30 press release. “We are making good progress in placing our nutritional products on retail shelves and this capital will enable us to be even more aggressive in those efforts.”
SCOLR Pharma, Inc. is a specialty pharmaceutical company focused on applying its formulation expertise and patented Controlled Delivery Technology (CDT) platforms to develop novel prescription pharmaceutical, over-the-counter (OTC), and nutritional products.
