RTP-based Incara Pharmaceuticals Corp.(Nasdaq: INCR) has entered into a definitive agreement with Torneaux Fund Ltd. of San Francisco, an institutional investor, for an equity financing facility covering the purchase of Incara's common stock over 15 months.
Incara will control the amount and timing of stock sold to Torneaux, with the amount of the investment being dependent, in part, on Incara's stock price. Assuming Incara's stock price maintains a minimum threshold, the total investment will fall between $3 million and $18.9 million.
The agreement includes warrants equal to 15 percent of the common stock shares purchased and is subject to a number of conditions. Incara will also file a registration statement with the Securities and Exchange Commission.