Gensia Inc. has received net proceeds of $13 million through the saleof 1.5 million shares of its common stock to an unnamed institutionalinvestor outside the U.S.The San Diego-based company also said it has contractualcommitments for the purchase of another 500,000 shares from sourcesoutside the country and expects to net another $3.5 million from thatsale.A company spokeswoman declined to identify the stock purchasers.The sales give Gensia 30.8 million shares outstanding. The companyintends to use the $16.5 million raised from the stock issuances "tocontinue funding research and development and for general corporatepurposes."The company's stock (NASDAQ:GNSA) closed Monday at $9.13, up63 cents.In August, an independent safety and data monitoring panelrecommended that Gensia stop Phase III clinical trials of its lead drug,Protara, for treatment of myocardial infarction during heart surgery.The panel said safety was not a factor, but it did not indicate whetherthe drug succeeded or failed to show statistical significance inpreventing heart attacks in patients undergoing coronary bypasssurgery.Gensia said its researchers, who were blinded to the studies, would notknow the outcome until they analyzed the data. The companyspokeswoman Monday reiterated that results would be released within10 weeks from the day (Aug. 12) the trials were stopped, but it wouldnot specify a date. _ Charles Craig
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