NeoRx Corp. said Wednesday that it has received the $9 millionbalance of a previously announced $10 million financingagreement with New York investor David Blech.
The company is issuing to Blech 10 million shares of commonstock, five million five-year warrants to purchase commonstock at $1.75 per share, and five million five-year warrants topurchase stock at $2.50 per share.
NeoRx shares (NASDAQ:NERX) closed at $3.63, up 6 cents, onWednesday.
After the issuance of the 10 million shares, NeoRx has 27.7million shares outstanding.
If all the warrants are exercised, proceeds to NeoRx would total$31 million.
As of Dec. 31, NeoRx will have cash reserves of about $15million, giving it sufficient funds through September 1993, saidRobert Littauer, chief financial officer.
The Hamilton, Mont., company is developing monoclonalantibody-based products to detect and treat cancer. NeoRx hasthree clinical trials in progress and has filed for Food and DrugAdministration marketing approval of two OncoTrac imagingproducts to detect metastatic melanoma and small cell lungcancer.
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