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Article: DNAPrint's $35M Stock Sale Will Finance German Buy-In.
- 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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West Coast Editor
With a commitment in hand to sell up to $35 million of its own common stock, DNAPrint genomics Inc. agreed to spend $25 million for a 51.8 percent stake in the Leverkusen, Germany-based pharmaceutical firm Biofrontera AG.
"It's a different approach," said Richard Gabriel, president and CEO of Sarasota, Fla.-based DNAPrint, adding that the funding route "certainly is dilutive, but at the same time there aren't many options out there for biotech companies that are in need of cash."
The company's stock (OTC BB:DNAP) closed Wednesday at 2 cents, up 46.7 percent from the previous closing of .007 cents.
Under the terms, ...