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Opko Health announces $30 million private placement

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MIAMI — Opko Health has entered into definitive agreements to raise a total of $30 million in a private placement transaction, the company announced in a press release.

Under the terms of the investment, Opko issued approximately 1.2 million shares of an 8% round of Series D cumulative convertible preferred stock at a par value $0.01 and priced at $24.80 per share, with warrants to purchase approximately 3 million shares of the common stock, according to the release.

All issued shares, including shares of Opko's convertible common stock, will be bound to a 3-year contractual lockup, during which Opko will waive all registration rights.

"This financing transaction provides the company with additional financial resources to fund acquisitions and support bringing the company's projects and pipeline of novel drugs and products to market," Phillip Frost, MD, Opko chairman and CEO, said in the release.