Applied Microbiology Inc. has raised $1.145 million in a privateplacement of convertible preferred stock with individualinvestors, the company said. The New York company sold 1,145shares at $1,000 per share. The stock pays 12 percent annualdividends, and each share is convertible into 286 shares ofcommon stock, subject to adjustment in certain circumstances.

Common stock of Applied Microbiology (NASDAQ:AMBI), whichis developing Ambicin anti-bacterial agents for the oral care,dermatological and veterinary markets, closed at $4.50, down13 cents Thursday.

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