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Article: DepoMed Raises $20M Privately For Metformin, Other Products.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 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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Associate Managing Editor
DepoMed Inc. raised $20 million privately and will use the funds for clinical trials of multiple products, as well as to give it muscle in partnering talks.
DepoMed, of Menlo Park, Calif., sold 9.3 million shares at $2.16 to accredited investors. The price represents the average closing price of DepoMed's common stock for the 10 days preceding the closing of the financing. Investors also received 3.2 million common stock warrants exercisable for five years at the same price. If all warrants were exercised, the financing would total about $26.9 million.
DepoMed's stock (AMEX:DMI) rose 27 cents Tuesday, or 10.8 percent, ...