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Article: Genetronics Secures Two-Tranche Financing Of $15.7M.
- 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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Washington Editor
Genetronics Biomedical Corp. intends to use the about $15.7 million raised in two preferred stock financings to carry it through to profitability.
The company expects to turn a profit once its flagship drug-device technology, an electroporation therapy in Phase III studies, hits the market. Brook Riggins, Genetronics' vice president of finance and communications, said Genetronics raised about $8.2 million in a Series A cumulative convertible preferred stock deal and another $7.5 million in a similar Series B deal. Genetronics has about 51 million outstanding shares.
Funds from the Series A were released to the company while ...