On January 9, 2018, Anthera Pharmaceuticals, Inc. (NasdaqCM:ANTH) closed the transaction. The company issued 7,625,741 common shares and 2,067,522 convertible preferred shares for aggregate gross proceeds of $12,116,578.75. The company also issued a warrant for each common share and convertible preferred share exercisable into an additional common share at an exercise price of $1.25 per share. The warrants issued in the second tranche will have a term of five years.