Newron Pharmaceuticals SpA, of Milan, Italy, said it completed a private placement of 209,364 shares with an undisclosed U.S.-based biotechnology and health care specialist fund for gross proceeds of $5.4 million. The subscription price was CHF25.60 (US$25.12) per share. Under the agreement, the fund holds an option to subscribe to another 209,364 newly issued shares no later than June 30, 2016. Newron said proceeds will accelerate the advancement of the planned pivotal trial with sarizotan to treat patients with Rett syndrome. The transaction is expected to close by Nov. 25. Piper Jaffray acted as exclusive financial advisor.