Cambridge Neuroscience Inc. completed its private placement of 2.1Cambridge Mass., company said Friday.The share price was discounted 10 percent from the average bid pricewhen the company announced it had signed agreements with investorson March 11. Cambridge Neuroscience (NASDAQ:CNSI) gained 25cents per share Friday and closed at $7.50. Smith Barney Shearsonhandled the placement.The net of $13.2 million will be used to advance clinical trials ofCerestat, the company's lead product candidate for treatment of strokeand traumatic brain injured patients, as well as other corporate uses, thecompany said.Cambridge Neuroscience had about $7.9 million cash at the end ofDecember and a burn rate of about $1 million per month.Two weeks ago, researchers presented data showing Cerestat was safein humans at dosage levels expected to provide cerebral protection, andthat it appears to lower intracranial pressure and temperature. Efficacytrials are planned later this year.Cerestat also is being tested in a Phase I/II trial in stroke patients. _Jim Shrine
(c) 1997 American Health Consultants. All rights reserved.