Imre Corp. announced Monday that it has completed a $2million private placement to institutions and individualinvestors of 888,900 shares of common stock (NASDAQ:IMRE).Allen & Co. Inc. acted as agent for this placement.
Imre of Seattle intends to use the funds for its clinical trialsand research activities. "We are focused on obtaining additionaldisease indications for the Prosorba column," said Frank Jones,Imre's chief executive officer. The FDA-approved Prosorbacolumn is an extracorporeal device for removing immuneglobulins (IgG) and immune complexes from patients' plasma.Prosorba is already marketed for treating ITP (immunethrombocytopenic purpura), an immune-related bleedingdisorder. Ongoing clinical trials are evaluating its use intreating rheumatoid arthritis and other autoimmune diseases,including chemotherapy-associated thromboticthrombocytopenic purpura/hemolytic uremic syndrome.
Imre "has revenue growth due to Prosorba column sales,"according to Jones, but intends to augment those revenues"with additional indications."
At the end of1992, the company had about $7 million inworking capital, said Lois Yoshida, Imre's vice president andchief administrative officer. Including this private placement,the company has almost 15 million shares outstanding, Yoshidatold BioWorld. -- Jennifer Van Brunt
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