Clinical Data raises $50M in note deal

Clinical Data (NASDAQ:CLDA) raised $50 million through the sale of unsecured convertible notes due 2017 to New River Management and RJK, both affiliates of Clinical Data Chairman Randal Kirk. The notes bear 9.72% interest and convert into stock at $8.1825, which is a 1% premium to Clinical Data's close of $8.12 on Wednesday, before the offering was proposed. Investors also received five-year warrants to purchase 3.1 million shares with half exercisable at $8.12 and the other half at $9.74. ...