MacroChem Corporation (NASD Bulletin Board:MCHM) hasraised approximately $7.45 million in a private placementnetting about $6.3 million.
The Lexington, Mass. company has 12,834,000 fully dilutedshares outstanding.
MacroChem develops and licenses transdermal drug deliverysystems and components, including patented absorptionenhancers that accelerate passage of drugs and othercompounds across the skin and other membranes. Thisprogram will be the focus of the money raised Jan. 28. TheUpjohn Company recently granted the company exclusiveworldwide rights to use this approach in treating maleimpotency.
MacroChem is also developing an iontophoretic drug deliverysystem that uses mild electric currents to enhance transdermaldelivery of drugs as an alternative to injections.
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