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Financings Roundup

Tuesday, April 26, 2011
A.P. Pharma Inc., of Redwood City, Calif., will raise $4.5 million in convertible notes in a private placement deal with certain investors, including Tang Capital Partners. Upon closing, on or about April 29, an intial amount of $1.5 million will be funded. Proceeds will be used to support the goal of resubmitting a new drug application for APF530. Under the terms, the $4.5 million convertible notes will have a 10-year term and will be convertible to A.P. Pharma common stock at a rate of 25,000 shares for every $1,000 in principle.

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