Aphton Corp. said Wednesday it closed a private placement that raisedgross proceeds of $10.4 million. The Woodland, Calif., company soldabout 650,000 shares at $16 per share.Philip Gevas, Aphton's president and chief executive officer, wouldnot disclose the net amount from the offering. Montgomery Securitiesserved as agent.The company now has about 12.3 million shares outstanding. It was thefirst financing the company has had since its initial public offering inApril 1991, which raised about $7 million. Gevas said the companyspent about $2.25 million last year.Aphton is developing products for neutralizing hormones that stimulatemalignant and non-malignant diseases of the gastrointestinal andreproductive system.Gevas said a Phase I safety study on Gastrin Immunogen CGC forcolorectal cancer has been completed in the U.K. A dose-responsestudy is planned. It is expected to enter clinical trials in the U.S. laterthis year. _ Jim Shrine
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