Transaction|April 24, 2014
Trimel Pharmaceuticals Corporation completes C$40 million equity financing
Torys acted as counsel to the underwriters with a team that included Cheryl Reicin, Glen Johnson, Andy Beck, Steven Slavens, Eric Foster and Christopher Roehrig (corporate/securities, both Canadian and U.S.), Conor McCourt, Karen Townsend and Sumeet Dang (IP), Andrew Wong and Catrina Card (tax).
On April 24, 2013, Trimel Pharmaceuticals Corporation (Trimel) announced the completion of its previously announced public offering, for aggregate gross proceeds of C$40 million. In connection with the offering, Trimel issued a total of 50,000,000 common shares at a price of C$0.80 per common share. A syndicate of underwriters led by RBC Capital Markets and including D&D Securities Inc. and Paradigm Capital Inc. completed the offering.
For market stabilization, Trimel also granted the underwriters an over-allotment option, which will allowed the underwriters to purchase up to an additional 7,500,000 common shares. This option may be exercised at any time up to 30 days following the closing of the offering.
Trimel intends to use the net proceeds from the offering to pay for the costs of completing the CompleoTRT™ New Drug Application, payment of certain milestone payments related to CompleoTRT™, manufacturing scale-up costs and finished goods production related to CompleoTRT™, costs of Tefina™ clinical trials, maintenance of cash amounts to remain in compliance with Trimel's existing credit facilities, and for general corporate purposes.
Trimel is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders.
Further information can be found on Trimel's website.
For market stabilization, Trimel also granted the underwriters an over-allotment option, which will allowed the underwriters to purchase up to an additional 7,500,000 common shares. This option may be exercised at any time up to 30 days following the closing of the offering.
Trimel intends to use the net proceeds from the offering to pay for the costs of completing the CompleoTRT™ New Drug Application, payment of certain milestone payments related to CompleoTRT™, manufacturing scale-up costs and finished goods production related to CompleoTRT™, costs of Tefina™ clinical trials, maintenance of cash amounts to remain in compliance with Trimel's existing credit facilities, and for general corporate purposes.
Trimel is a specialty pharmaceutical company actively developing medications for male hypogonadism, female sexual dysfunction and various respiratory disorders.
Further information can be found on Trimel's website.