Techniclone International Corp. said Friday that GFT Ges m.b.H.,a private Austrian investor, has agreed to buy 1 million sharesof restricted common stock for $2 million.
The Tustin, Calif., company is negotiating with other privateinvestors for the sale of 10,000 shares of class B convertiblestock for $7 million and for the private placement of anadditional 2 million shares of common stock at $2 per share.
If all the transactions are completed, Techniclone would raise$13 million.
Techniclone is developing monoclonal antibodies labeled withiodine 131 as cancer therapeutics. Its lead product, LYM-1, is inPhase II trials for B cell lymphoma, said Ron Baker, vicepresident of operations.
Techniclone's stock (NASDAQ:TCLN) was delisted in the fall of1990 after the company fell below the required $4 million intotal equity, said Lon Stone, chairman and chief executive. Thecompany will apply to be relisted once it raises another $2million out of the $13 million it is seeking, he said.
The company's shares, which currently trade on the "pinksheets," closed Friday at $3.91. -- KB
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