Greenwich Pharmaceuticals Inc. announced Tuesday that it hasraised $11.8 million through the sale of more than 3 millionshares of its common stock (NASDAQ:GRPI) to its largestinstitutional stockholder, a New York-based investment firm.

Greenwich's stock closed at $4.75 a share on Tuesday, up 38cents.

Just last month the company raised $6 million from the sale ofequity securities.

This most recent transaction increases the cash position of theFort Washington, Pa., company to $22 million and gives it about35 million shares outstanding, according to Hope Wall, managerof investor relations.

"This financing positions Greenwich to continue aggressivelypursuing the commercialization of Therafectin," stated EdwinThompson, Greenwich's chief executive officer.

In fact, the company filed a new drug application (NDA) withthe FDA on Therafectin in March, and product licenseapplications (PLA) in Ireland earlier this month and in theUnited Kingdom in April. The company is developingTherafectin, which is a synthetic carbohydrate, as a chronictreatment for rheumatoid arthritis.

(c) 1997 American Health Consultants. All rights reserved.