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Article: Genaera Raising $24.5M, Planning Evizon Phase III.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
With one Phase III trial under way for its wet age-related macular degeneration (AMD) drug, Evizon, and a second expected to begin before the end of the year, Genaera Corp. is raising $24.5 million in a direct equity placement.
The Plymouth Meeting, Pa.-based firm said institutional investors agreed to purchase about 11.4 million shares of common stock at a price of $2.15 each. Genaera additionally agreed to issue warrants for the purchase of 3.4 million shares at $3.15 per share.
RBC Capital Markets Corp., of Toronto, is acting as lead placement agent, and New York-based Fortis Securities LLC is acting as co-placement agent. The ...