Greenwich Pharmaceuticals Inc. on Thursday said it has raised$15 million in a private equity placement of 2 million units.
Each unit, priced at $7.38, consists of one share of commonstock and a warrant to purchase one share of stock. Thewarrants are exercisable at a price of $9.23 through Oct. 31,1993.
The funds, along with $5.5 million in cash already held by theFort Washington, Pa., company, will be used to complete clinicaltrials and support commercialization of Therafectin and tocontinue clinical development of GW-80126. Therafectin is inlate Phase III trials as a chronic monotherapy for rheumatoidarthritis. GW-80126 is in Phase I trials to treat the samedisease. The synthetic monosaccharindes have shown similaranti-inflammatory, anti-proliferative and toxicologic propertiesin preclinical testing.
The stock (NASDAQ:GRPI) closed at $9.25, up 25 cents.
(c) 1997 American Health Consultants. All rights reserved.