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April 15, 2014
10:22 EDTELTPElite Pharmaceuticals enters stock purchase agreement with Lincoln Park
Elite Pharmaceuticals announced yesterday that it has entered into a common stock purchase agreement with Lincoln Park Capital Fund for up to $40M. Proceeds from the transaction will be used to develop the company's pipeline of products, including the abuse resistant opioids, and for general corporate purposes. The company has agreed to file a registration statement with the SEC covering the shares that may be issued to Lincoln Park Capital under the terms of the common stock purchase agreement. After the SEC has declared the registration statement related to the transaction effective, Elite has the right over a period of three years to sell up to an aggregate of $40M of its common stock to Lincoln Park under the terms and amounts as set forth in the agreement. Under the terms of the agreement, there are no upper limits to the price that Lincoln may pay to purchase Elite's common stock.
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