Lescarden Inc. (OTCPK:LCAR) announced a private placement of common stock on August 8, 2012. The board of directors approved the transaction. The purchase price will be equal to an amount equal to the average closing market price of the company's common stock during the three weeks preceding the closing date for the sale and issuance of the common stock.

On August 10, 2012, the company entered into a stock purchase agreement with the chairman of the board of the company Charles T. Maxwell. The company will issue 8,645,533 shares at a price equal to the average closing market price of the company's common stock during the three weeks preceding the date of the closing, or $0.023133 per share for gross proceeds of $200,000. Pursuant to the transaction, the investor will hold 30,512,378 shares representing 62.63% stake in the company. The company will not pay any fees or commissions in connection with the issuance of the shares. The company and the investor shall pay their own costs and expenses that they incur with respect to the negotiation, execution, delivery and performance of the agreement. The purchase and sale of the shares shall take place within one day of the date that the company files any notices as required by the New York State Blue Sky laws, or at such other time and place as agreed upon by the company and the purchaser.

On September 24, 2012, Lescarden Inc. closed the transaction.