DynaGen Inc. of Cambridge, Mass., said Wednesday that it plansa stock offering of 800,000 units, consisting of a share ofcommon stock and a warrant to purchase an additional share.The company announced last March plans to sell 1 millionshares of common stock.
The stock and warrant will trade as a unit for 180 daysfollowing completion of the planned offering, unless theoffering's underwriter decides to split them before.
Proceeds from the offering are to be used for research,development, clinical trials and general working capital.DynaGen filed last February with the FDA to start Phase IItrials of its NicErase System for smoking cessation. Thecompany received its first FDA product marketing approval forurine test strips in March.
DynaGen's (NASDAQ:DYGN) stock closed on Wednesday up 63cents a share at $6.88. When the company announced theoffering last March 24, the stock traded at $7.44, and thecompany had 11.4 million shares outstanding.
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