To drive its work with immune modulation therapies, boost research into new areas and seek partners, Vasogen Inc. raised $10.56 million (C$15.3 million) through the placement of 1.72 million special warrants at $6.21 each. Each warrant is convertible into a common share of Vasogen stock.
Early last month, Toronto-based Vasogen said investors had committed to buy 1.6 million special warrants at the same price, which would have netted about $9.8 million.
Vasogen uses components derived from a biologically modified sample of the patient's blood, returning it by intramuscular injection to down-regulate self-destructive immune system activity.
"We expose the sample to three well-known cell stressors: ultraviolet light, elevated temperature, and oxidative stress," said Trevor Burns, director of investor relations. "It's all done ex vivo, in about a 30-minute, outpatient procedure."
Proceeds from the higher placement give Vasogen cash reserves of $17.47 million.
Vasogen's stock (AMEX:MEW) closed Wednesday at $10.437, down 31 cents. - Randall Osborne