Enzo Biochem Inc. announced Thursday that it has sold $7.2million in newly issued shares of common stock (ASE:ENZ) to aEuropean investor group.
Of the 900,000 shares purchased, the investors bought 500,000of them on Thursday and will purchase the remaining 400,000shares no later than Sept. 3. In addition, the investors willreceive warrants to purchase a total of 250,000 shares of Enzocommon stock at exercise prices ranging from $8 to $12, ofwhich 210,000 warrants are not exercisable before Sept. 3,1994.
Enzo Biochem of Farmingdale, N.Y., will use the funds todevelop therapeutic drugs based on the company's patentedantisense technology for treating viral diseases and cancers.
For the first six months of fiscal 1993 Enzo had a net income of$516,000, or 3 cents a share, on 17.9 million shares.
The stock lost 13 cents to close at $12 a share on Thursday.
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