IMRE Corp. (NASDAQ:IMRE) has closed a private placement of 7percent convertible debentures due March 31, 2001 that brought in$4.2 million. Interest is payable in cash or shares of common stock atIMRE's option. The debentures may be converted into common stockat $2.875 per share, and may be redeemed by IMRE in full or in partafter April 1, 1998.The funds raised will allow the company to continue clinical trials ofits Prosorba column, a therapeutic medical device that is marketed as atreatment for immune thrombocytopenic purpura, an immune-relatedbleeding disorder. The device is undergoing clinical trials as atreatment for rheumatoid arthritis, other autoimmune diseases, andcertain cancers.The funds will also allow IMRE to increase production of the device tothe levels required by its recently signed agreement with Biotech NorthAmerica, Baxter Healthcare's biotechnology group. Under theagreement, Baxter committed to sell at least $50 million worth of theproduct in return for exclusive distribution rights over a 10-year period._ Philippa Maister
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