Ecogen Inc. said that it has raised $9.5 million through aprivate placement of 950,000 shares of common stock(NASDAQ:EECN) at $10 per share.
For each share purchased, investors received one warrant topurchase a share at $14. The warrants will be exercisable untilDec. 26, 1995, and are callable if Ecogen stock trades for 20days at or above $21.
Shares of the Langhorne, Pa.-based developer of biopesticidesclosed up 50 cents at $12 on Thursday.
D. Blech & Co. Inc. acted as agent for the placement to privateindividuals. After the placement, Ecogen has 15.3 millionshares outstanding.
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