Medarex Inc., which called an unprecedented halt in a plannedpublic offering of 1 million shares in August, announcedWednesday that it completed two private placements thatraised about $9.4 million before expenses.
The Princeton, N.J., company (NASDAQ:MEDX) sold 1,254,322units at $7.50 per unit to accredited individual and institutionalinvestors in the two financings. Each unit consisted of one shareof restricted common stock and one restricted, redeemablewarrant to purchase one share of common stock. Theredeemable warrants contain the same terms as those sold inthe company's initial public offering in June 1991.
The placement agent for the offering was Josephthal Lyon &Ross Inc., and all shares sold were offered by Medarex.
Medarex expected to raise about $5.6 million in the Augustpublic offering, but aborted it after an anonymous, andunsubstantiated, letter to Dartmouth College raised questionsabout business and scientific issues.
Medarex develops biopharmaceuticals to assist the body'simmune system to fight disease, and applies proprietarytechnology to design and develop antibody-based products totreat AIDS, cancer and autoimmune disorders.
Medarex stock closed Wednesday at $8.50 a share, up 75 cents.
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