Auris Medical announces share repurchase agreements with Lincoln Park Capital
Auris Medical announced the execution of two share purchase agreements for up to $15M with Lincoln Park Capital Fund, a Chicago-based institutional investor. Pursuant to a purchase agreement dated October 10, Auris Medical may require LPC, from time to time and at its sole discretion, to subscribe for up to $13.5M worth of its common shares. Per the terms of this share purchase agreement and related registration rights agreement, Auris Medical has agreed to file with the SEC a registration statement covering the common shares that may be issued to LPC under the purchase agreement. Share subscriptions pursuant to the purchase agreement may take place over the 30-month period after the registration statement is declared effective by the SEC. Auris Medical will control the timing of any future investment by LPC under this purchase agreement. The subscription price of the common shares will be based on the prevailing market prices of the Company's shares at the time of each issuance to LPC. In addition, on October 10, Auris Medical entered into a separate purchase agreement with LPC pursuant to which LPC subscribed for $1.5M worth of Auris Medical's common shares. The investment was made pursuant to Auris Medical's effective shelf registration statement.