DUSA Pharmaceuticals Inc. said Wednesday that it hascompleted a private placement of 250,000 shares of commonstock at $4.80 per share, raising $1.2 million. The sharescomprise about 4.6 percent of the Denville, N.J., company'sstock.
DUSA, a development-stage company, focuses mainly ondermatological applications of its lead product, ALAPhotodynamic Therapy (ALA PDT), an experimental treatmentfor skin cancers, psoriasis and other disorders.
DUSA plans to use the proceeds to advance development ofALA PDT for internal applications. The company plans tosupport pilot human clinical trials on ALA PDT as a non-surgical alternative to hysterectomy, subject to regulatoryapproval.
The private placement should fund research for the internalapplications of the drug for a year, said Robert Fuchs, executivevice president of Sunrise Financial Group Inc. He said that as ofSeptember the company had about $13 million in cash; this willfund dermatological applications of the drug through early1997.
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