Viagene Inc. of San Diego on Wednesday said that it completeda second closing of its series D preferred stock privateplacement, bringing the total raised to $7 million.
Chancellor Capital Management and G&G Diagnosticscontributed $1.75 million in the second closing, and otherinvestors added almost $250,000 more, bringing the closing toabout $2 million, said Robert Abbott, president and chiefexecutive officer of Viagene.
Participants in the $5 million first closing, which wascompleted last August, included 3i Ventures, DomainAssociates, BIL, Accel Partners, Fairfield Ventures, Cable &Howse Ventures and Green Cross Corp.
The second closing was held up until Abbott was broughtaboard at Viagene. He joined the company in January and begannew discussions with investors.
The funds will be used to support new projects in the areas ofviral and cancer therapeutics using Viagene's gene transfertechnique to elicit strong cytotoxic T-cell immune responses.
Viagene's lead program in AIDS is being funded through apartnership with Green Cross Corp. of Osaka, Japan, which inApril signed a $40 million worldwide licensing agreement withViagene for rights to the AIDS drug.
(c) 1997 American Health Consultants. All rights reserved.