Michelle SladeAssociate Editor

Greenwich Pharmaceuticals Inc. reported Friday that it raised$11.9 million through the exercise of outstanding warrantsissued in two previous private placements.

According to Edwin Thompson, chief executive officer andchairman of the board for the Fort Washington, Pa., company,the funds will be used to support the commercialization ofGreenwich's drug Therafectin for rheumatoid arthritis, andadditional carbohydrate drugs to treat autoimmune diseases.

The appearance of the funds is timely since Greenwich had justenough cash to last until the first quarter 1993 after SyntexCorp. of Palo Alto, Calif., recently terminated a 1989Therafectin development and licensing agreement between thetwo companies.

John McCamant of the Berkeley, Calif.-based MedicalTechnology Stock Newsletter is convinced that the additionalfunds are proof of the confidence held in Therafectin.

"Carbohydrate research is an exciting area, and Therafectin is aproduct that's shown efficacy in a market where there'scurrently no effective drug for rheumatoid arthritis," he said.

Greenwich stock (NASDAQ:GRPI) closed Friday at $6.13 a share,down 25 cents.

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