Pharmatec Inc. said that it has closed on $1 million of apreviously announced $5.5 million financing with investorDavid Blech. The Alachua, Fla., company has issued to Blech666,666 units consisting of two shares of common stock andone class A warrant.
The balance of the financing is expected to be completed inearly 1992, when Blech and his affiliates would own about 60percent of outstanding Pharmatec shares (NASDAQ:PHTC). Thestock closed Monday at $4, up 6 cents.
Pharmatec is developing a lipophilic substance that naturallycrosses the blood-brain barrier as a carrier for transportingsmall molecules. The company is also marketing for researchuses Molecusol brand cyclodextrins and is developing drugsusing cyclodextrins to improve solubility, stability anddelivery.
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