Contrast agent developer Palatin Technologies has received $10.8 million in the first round of a private placement of up to $15 million common stock and warrants, the company said.
In this round of the stock sale, the investors -- European financial institutions -- purchased 1.8 million shares of common stock at a price per share of $6, which was the closing market price on September 7. For every five shares purchased, the investors also receive a five-year warrant to purchase one share of common stock at a 25% premium to the closing price, according to the Princeton, NJ-based vendor.
The proceeds will be used primarily for general corporate purposes, such as the development and clinical trials of new products, according to Stephen Wills, chief financial officer for Palatin.
By AuntMinnie.com staff writersSeptember 19, 2000
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