Telios Pharmaceuticals has registered with the Securitiesand Exchange Commission to sell 3 million units to raisefunds for continued development of two of its mainproducts.The units consist of one share of convertible preferred stockand one warrant to buy one share of common stock. Theamount raised by the offering will be determined bydemand and the price of the San Diego-based company'scommon stock at the completion of the sale, which could bein the next several weeks.Based on the price of the company's stock at the close oftrading Thursday, $2.38 a share, gross proceeds from theoffering would total more than $7 million.Nancy McRae, Telios' investor relations manager, said thecompany has 24.8 million shares outstanding. As of June30, she said Telios had $13.9 million in cash and anaverage monthly burn rate of $1.6 million.McRae said money raised from the sale of the units wouldbe used to fund continued development of Argidene Gel forfoot and venous stasis ulcers, and TP-9201, a plateletaggregation inhibitor, for cardiovascular diseases.Argidene Gel is classified by the FDA as a device and iscurrently in two pivotal clinical trials. McRae said Phase Iclinical trials of the drug, TP-9201, are expected to beginthis year. She said the company has not targeted a specificindication for TP-9201._ Charles Craig
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