Matrix Pharmaceutical Inc. has raised $12 million through the sale ofunregistered convertible preferred stock to private investors.Ronald Edinger, vice president and chief financial officer of the MenloPark, Calif.-based company, said Friday the funds will be used tosupport development of Matrix's cancer therapeutics. The lead product,called Intradose-CDDP, is designed for treatment of head and neckcancer and accessible tumors.Edinger said Phase I/II trials of the drug have been completed.Advanced studies are scheduled to begin in Europe this quarter,followed shortly thereafter by similar trials in the U.S.Edinger said the preferred stock is convertible to about 1.33 millionshares of common stock at $9 per share, but the investors are barredfrom selling the shares on the open market for at least 180 days. Thecompany said the financing boots its cash resources to $40 million andit now has about 12 million shares of preferred and common stockoutstanding. _ Charles Craig
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