Molecular Insight prices $150 million in bonds
Molecular Insight Pharmaceuticals Inc. said that it has priced $150 million in bonds, the proceeds of which should help the company through its first product launch.
The Cambridge company said that it is developing a pipeline of molecular imaging and targeted radiotherapeutic candidates.
The bonds are due in 2012, the company said, and in connection with the transaction, Molecular Insight will issue warrants for the purchase of an aggregate of just over 6 million shares of common stock; these warrants represent 18 percent dilution of common shares on a fully diluted, post-money basis.
"In evaluating several financing options relative to our business needs and market conditions, we concluded that this transaction was ideally suited to provide the capital necessary to fund our product development plans while minimizing dilution to our current shareholders," Donald Wallroth, the company's chief financial officer, said in a statement.
(By Chris Reidy, Globe staff)
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