Thursday, MiddleBrook Pharmaceuticals, Inc. (MBRK), a novel anti-infective product developer, revealed stockholder approval for the financing transaction under its previously announced agreement with EGI-MBRK, L.L.C. (EGI), an affiliate of Equity Group Investments, L.L.C. The transaction includes a $100 million equity investment in MiddleBrook and related amendments to the company's stock incentive plan.
At today's special meeting of stockholders, MiddleBrook shareholders approved the issuance to EGI, 30,303,030 shares of MiddleBrook common stock and a five-year warrant to purchase an aggregate of 12,121,212 shares of common stock at an exercise price of $3.90 per share, for an aggregate purchase price of $100 million. The company intends to use the balance of the proceeds to support the creation of a sales and marketing infrastructure supporting the commercial launch of MOXATAG, development of its once- daily PULSYS version of Keflex and the pediatric version of its Amoxicillin PULSYS product previously on-hold, and for working capital and general corporate purposes.
As part of the agreement with EGI, John Thievon will replace Edward Rudnic, as MiddleBrook's President and CEO. MiddleBrook has also expanded the size of its Board of Directors from seven to nine members, adding new directors William Pate and Mark Sotir, both Managing Directors at Equity Group Investments, L.L.C.
MBRK ended Thursday's regular trading at $2.06, down $0.16 or 7.21% on the Nasdaq. In after-hours trading, the stock is gaining $0.0494 or 2.40%, at $2.1094.
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