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Article: Other News To Note.
- 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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o Akorn Inc., of Buffalo Grove, Ill., raised gross proceeds of $14.1 million after entering definitive agreements with institutional and other accredited investors for the private placement of 141,000 shares of its Series B, 6 percent participating convertible preferred stock at a conversion price of $2.70 apiece. Investors also will receive warrants to purchase about 1.6 million shares at an exercise price of $3.50 apiece. Akorn said it would use its net proceeds of $13.3 million to retire its remaining bank debt, validate its lyophilization facility, fund the development of an internal abbreviated new drug application lyophilized product pipeline and for general ...