Vancouver biotech Cardiome Pharma Corp. (TSX:COM; Nasdaq:CRME) expects to raise US$25 million in a private sale of preferred shares with an affiliate of private equity firm SAC Capital Advisors LLC.
According to the company, the proceeds of the sale of series A convertible preferred shares will be used to develop its clinical programs and offset costs associated with discussions about the company's strategic direction.
Cardiome plans to sell 2.27 million series A convertible preferred shares at US$11 per share to CR Intrinsic Investments LLC, an SAC Capital fund. Subject to timing restrictions, the preferred shares will be convertible to common shares on a one-to-one basis.
Cardiome's share price range during the past week: between $10.99 and $11.85; 52-week high: $12.17; 52-week low: $5.