Cellcor Inc. has raised $5.25 million through the sale of 5,250 sharesof convertible preferred stock to continue its clinical trials ofautolymphocyte therapy (ALT) for treatment of cancer and seriousinfections.Cellcor president and CEO Richard D'Antoni said the stock wasbought by two existing investors for $1,000 a share. The shares willautomatically convert to common stock at the price of the nextsignificant stock financing or $3 a share, whichever is lower.As of June 30, Cellcor had 5.4 million shares of common stockoutstanding and $1.5 million in the bank. D'Antoni told BioWorldthat with the addition of $5.25 million, the company has enough cashto operate another year.Cellcor, of Newton, Mass., is conducting a pivotal Phase III trial ofALT for advanced kidney cancer and has received orphan drug statusfor the therapy. The company also is collaborating with OrganonTeknika/Biotechnology Research, of Rockville, Md., on a Phase I trialinvolving a combination of ALT and Organon's active specificimmunotherapy for treatment of kidney cancer.Cellcor is conducting another Phase I trial of ALT for chronichepatitis B."This infusion of capital by our early investors reaffirms theircommitment to the recent developments put in place by the existingmanagement," D'Antoni said. `Even with the difficult financingclimate (industry-wide), they're stepping up to the plate." _ CharlesCraig
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