CellSeed Inc. (JASDAQ:7776) announced a private placement of 20 first series unsecured convertible bonds with warrants at a price of ¥25,000,000 per bond and 352 units of 12th round warrants at ¥26,500 per warrant unit for gross proceeds of ¥509,328,000 on March 4, 2014. The securities will be subscribed by new investor Whiz Healthcare PE Series1 LP, a fund managed by Whiz Partners Inc. through a third-party allotment basis. The bonds will have a face value of ¥25 per bond.

The bonds will be convertible into common shares at ¥1,294 per share, they will not carry any coupon rate, and will be redeemed on March 20, 2018. Each 12th round warrant will entitle the holder to purchase an additional common share of the company at ¥1,294 per share. The company expects to close the transaction on March 20, 2014.