SAN DIEGO--(BUSINESS WIRE)--Hollis-Eden Pharmaceuticals, Inc. (NASDAQ:HEPH) today announced that it has entered into definitive agreements to raise $26.0 million in gross proceeds through the sale of shares of its common stock and warrants to new and existing institutional investors pursuant to the Company’s existing shelf registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). The Company has entered into purchase agreements with these investors pursuant to which the Company has agreed to sell a total of 4,000,000 shares of its common stock at $6.50 per share and to issue these investors four-year warrants to purchase up to an additional 800,000 shares of the Company’s common stock at an exercise price of $8.75 per share. The warrants are not exercisable until six months following issuance. The closing of the transaction is expected to occur on or about November 13, 2006. Rodman & Renshaw, LLC acted as exclusive lead placement agent for the offering. Canaccord Adams, Inc. acted as exclusive co-placement agent for the offering.
