Sosei planning private placement

Sosei Co. Ltd. plans to raise Y300 million ($3.7 million) through the sale of 300 preferred shares at Y1 million in a private placement to JAFCO. Additionally, Sosei has until March 31, 2014 to request an additional Y536 million ($6.6 million) through the sale of 536 preferred shares at the same price. Sosei and JAFCO have call and put options to buy back and sell the preferred shares, respectively. The options may be exercised if an NDA for Sosei's SO-1105 is filed; a clinical trial notification related to Phase III development of SO-1105 is submitted; SO-1105 is sublicensed; or if those events do not occur within a year of reporting data from a second trial, and without "due reason." ...