Lion Biotechnologies, Inc. (OTC Markets: LBIO) today announced that it has entered into definitive agreements with institutional and other accredited investors to raise approximately $23 million in a private financing. Subscribers have agreed to purchase units consisting of either (i) one share of common stock and a warrant to purchase a share of common stock, or (ii) one share of the newly authorized Series A Convertible Preferred Stock and a warrant to purchase the number of shares of common stock initially issuable upon the conversion of the preferred stock. The shares of common stock (and accompanying warrants) will be sold at $2.00 per share, and the shares of Series A Convertible Preferred Stock (and accompanying warrants) will be sold at $1,000 per share.
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