DynaGen Inc. announced Monday that it has raised $450,000 ina private placement of close to 128,000 shares with aninternational investor.
This completes the Cambridge, Mass., company's Regulation Sfinancing, by which it has raised a total of $4.5 million.DynaGen raised the remaining $4 million in two separateprivate placements, totaling more than 1 million shares ofcommon stock, in late May. RAS Securities Corp. and ThomasJames Associates Inc. were the independent agents for allplacements.
DynaGen (NASDAQ:DYGN) has targeted the funds towardcommercialization of the products in its development pipeline.In June, the company began Phase III trials with NicEras-1A,an immediate action therapy to reduce nicotine withdrawalsymptoms, especially in hospitalized patients.
The company is also developing improved diagnostic tests fortuberculosis, including a one-hour antibody test.DynaGen's stock closed at $4.38 a share on Monday, off 38cents.
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