Article: Vasogen Raises $16M Ahead Of Celacade Launch In Europe.

Article from:
BIOWORLD Today
Article date:
November 3, 2009
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Staff Writer

Canadian biotech Vasogen Inc. added $16 million to its coffers through a common stock sale to support ongoing work with its Celacade technology, including upcoming commercialization in Europe, and continued development of neuro-inflammatory drug VP025.

The company agreed to sell shares of its common stock priced at $3.25 each to institutional investors. That price is a premium to the stock's Thursday closing price of $3.19, but news of the offering still dropped Vasogen's shares (NASDAQ:VSGN) 13.8 percent, or 43 cents, to close Friday at $2.75.

Net proceeds are expected to total about $14.6 million and primarily will be used in ...

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