On September 6, 2016, Anthera Pharmaceuticals, Inc. (the “Company”) entered into a subscription agreement (the “Subscription Agreement”) with certain purchasers to which, under the first tranche payment, the Company agreed to issue 17,000 Series X Units, consisting of 17,000 shares of Series X Convertible Preferred Stock (the “Series X Preferred Stock”) and warrants to purchase the number of common stock equal to 25% of the Series X Preferred Stock (the “Warrants”) with an exercise price equal to the conversion price of the Series X Preferred Stock, plus a 20% premium (the “Warrant Exercise Price”). The conversion price for the Series X Preferred Stock (the “Conversion Price”) was to be determined by calculating the five-day volume-weighted average price (“VWAP”) of the Company’s common stock over the five full trading days following the date of the Company’s initial public announcement of topline and/or efficacy data from the ongoing Chablis-SC1 study (the “Public Announcement”).

Following the Public Announcement, the Conversion Price was determined to be $1.9692 and the Warrant Exercise Price to be $2.36304. to the terms of the Subscription Agreement, the Series X Preferred Stock is therefore convertible into 8,632,947 shares of common stock and the Warrants are exercisable for 1,798,528 shares of common stock.

About ANTHERA PHARMACEUTICALS, INC. (NASDAQ:ANTH)

Anthera Pharmaceuticals, Inc. (Anthera) is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation, including enzyme replacement therapies and autoimmune diseases. The Company has two Phase III product candidates, liprotamase also known as Sollpura and blisibimod. Sollpura is a non-porcine investigational Pancreatic Enzyme Replacement Therapy (PERT) intended for the treatment of patients with Exocrine Pancreatic Insufficiency (EPI), often seen in patients with cystic fibrosis and other conditions. Blisibimod targets B-cell activating factor (BAFF), which has been shown to be elevated in a range of B-cell mediated autoimmune diseases, including systemic lupus erythematosus (SLE), or lupus, Immunoglobulin A nephropathy (IgA) nephropathy, lupus nephritis and others.

ANTHERA PHARMACEUTICALS, INC. (NASDAQ:ANTH) Recent Trading Information

ANTHERA PHARMACEUTICALS, INC. (NASDAQ:ANTH) closed its last trading session down -0.11 at 1.39 with 1,293,516 shares trading hands.