Pharmatec Inc. said that it has received $4.5 million frominvestor David Blech in the final stage of a previouslyannounced $5.5 million financing.
The Alachua, Fla., company (NASDAQ:PHTC) issued 3 millionunits at this stage of the financing. At the initial closing for $1million in December, Blech received 666,666 units. After theplacement, Blech owns 60 percent of Pharmatec sharesoutstanding.
Each unit consists of two shares of common stock and one classA warrant. Each A warrant may be exercised for six years at$1.25 to purchase a share of common stock and one class Bwarrant. The B warrants, for one share of stock, are exercisablefor seven years at $1.75. The stock closed at $4.25, up 25 cents,on Friday.
The company is developing a lipophilic substance that naturallycrosses the blood-brain barrier as a carrier for transportingsmall molecules. The company is also marketing for researchuse Molecusol brand cyclodextrins and is developing drugsusing cyclodextrins to improve solubility, stability anddelivery.
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