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AlphaRx Inc., of Richmond Hill, Ontario, secured private placement financing for up to about US$4.6 million through the sale of 3.5 million common shares at 18.5 cents apiece. For each share purchased, the subscriber will receive a total of two warrants to purchase one additional share at 37 cents each until Dec. 31. The second warrant bears a strike price of 75 cents per share until June 30, 2003, through which AlphaRx could raise an additional $3.6 million. Also, AlphaRx withdrew from a proposed March acquisition of a privately held U.S. pharmaceutical manufacturing company, shifting to a new marketing plan to establish strategic partners and alliances for manufacturing, ...

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