Opko to Sell $20M in Stock to Frost Group
Opko Health said this week that it has sold $20 million in stock to the Frost Group, a private investment firm run by Opko Chairman and CEO Phillip Frost.
According to Opko, it will issue 10,869,565 shares of its common stock at $1.84 per share to the Frost Group, which represents a roughly 40 percent discount to the five-day average trading price of the stock on the American Stock Exchange.
Following completion of the deal, members of the Frost Group will hold about 62 percent of Opko’s outstanding shares.
The proceeds from the investment will be used to fund research and development efforts, including the ongoing phase III development of the RNAi-based wet age-related macular degeneration drug bevasiranib, and for general working capital.
SuperArray Licenses RNAi IP from Carnegie Institution
SuperArray Bioscience said last week that it has licensed RNAi-related intellectual property from the Carnegie Institution, which will allow the company to develop, manufacture, and distribute research tools based on the gene-silencing technology.
The worldwide license is non-exclusive, SuperArray noted. Additional details about the deal were not disclosed.