Belmac Corp. said Friday that it has raised $11.6 million in a privateplacement of common and preferred stock.
Belmac (AMEX:BLM) was to begin today Phase III trials of its Biolidmacrolide antibiotic to treat upper and lower respiratory tractinfections.
By the end of 1992, Belmac of Tampa, Fla., expects to have filedinvestigational new drug applications for two more drugs. ItsAlphanon transdermal patch, a formulation of camphor that acts asan anti-inflammatory and vasorelaxant, will enter Phase II/III trialsto treat hemorrhoids. The company will also test Azaquinone, ananti-mycobacterial to treat Mycobacterium avium complex in AIDSpatients and tuberculosis.
The offering to institutional investors in the United States was co-managed by Societe Generale Securities Corp. and Healthcare CapitalGroup Inc. Before the offering, Belmac had 11.3 million sharesoutstanding. A final figure for the number of shares sold hasn't beendetermined.
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