On February 20, 2007, biotechnology firm SemBioSys Genetics Inc. announced that it had completed its previously announced underwritten public offering of 4,251,496 common shares at a price of $3.00 per share, for total gross proceeds to SemBioSys of approximately $12.7 million.
Concurrent with this offering, certain shareholders of SemBioSys sold 2,748,504 previously issued common shares of the Company at a price of $3.00 per share.
Both offerings were completed through a syndicate of underwriters led by Raymond James Ltd. SemBioSys has granted the underwriters an over-allotment option which, if exercised in full, will result in total gross proceeds to SemBioSys of approximately $15.9 million.
SemBioSys plans to use the net proceeds from the offering to continue to advance the Company's plant manufactured insulin and other therapeutics into pre-clinical and clinical development and for capital expenditures.
Fasken Martineau advised the syndicate of lenders in this transaction with a team comprised of Iain Mant and Doran Ingalls in Vancouver and Jason Mudge and Hugoline Morton in Calgary.