Cougar raises $47.5 million, reverse-merges

Cougar (Los Angeles, Calif.) reverse-merged with public shell company SRKP 4 (Los Angeles, Calif.) and raised $47.5 million in a private placement led by Adage Capital. Other investors included Brookside Capital; T. Rowe Price; Merlin BioMed Group; RA Capital Management; and Tavistock Life Sciences. The placement consisted of the sale of 27.5 million units at $1.73. Each unit comprised 0.9 shares of preferred stock and 0.1 shares of common stock. The offer included the conversion of $7.8 million of previously issued debt. Cowen and Paramount BioCapital were placement agents. ...