VimRx Pharmaceuticals Inc. on Thursday said it completed itspublic offering of 1,200 units priced at $5,000 each, netting $5million.
Each unit consists of 2,275 shares of common stock(NASDAQ:VMRX) and 2,275 class A warrants. The warrantsmay be exercised for $1.50 to purchase a share of commonstock and one class B warrant. The B warrants may beexercised for $2.25 to buy one share of common.
Both A and B warrants expire on July 24, 1995. VimRx canredeem the A warrants if the stock trades at or above $2.10 for30 trading days, and the B warrants can be redeemed if thestock trades at or above $3.15 for 30 trading days.
The Stamford, Conn., company is developing drugs based onhypericin, a natural compound derived from St. John's wort, totreat retroviral and viral diseases. The company's first drug,VimRxyn, is in Phase I trials as an AIDS therapeutic.
The stock closed unchanged Thursday at $2.
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