Compugen announced that it has entered into a definitive securities purchase agreement with certain institutional investors providing for the issuance of approximately 5.3M of its ordinary shares at a purchase price of $3.95 per share, which represents the closing bid price on June 14, 2018, in a registered direct offering. In connection with the issuance of the ordinary shares, Compugen will also issue warrants to purchase up to approximately 4.3M additional ordinary shares. The warrants have an exercise price of $4.74 per share, will be exercisable six-months following their issuance and will have a term of five years from the date of issuance. The offering is expected to close on or about June 19, 2018, subject to the satisfaction of customary closing conditions, and to result in gross proceeds of approximately $21M. Compugen intends to use the net proceeds from this offering for pre-clinical and clinical development of its product candidates and for other general corporate purposes. JMP Securities is acting as the exclusive placement agent for the offering.
