Greenwich Pharmaceuticals Inc. last week said that it hasraised $3.2 million through a private placement of 386,000units at $8.50 per unit. Each unit consists of one share of stockand a warrant to purchase an additional share for $11. Thewarrants are exercisable through July 14, 1993. The Aug. 2placement was made to a group of private investors.
Greenwich is developing synthetic carbohydrates to treatautoimmune diseases. The company's most advanced compound,Therafectin for rheumatoid arthritis, is in late Phase IIIclinical trials.
Greenwich of Fort Washington, Pa., has 24.8 million sharesoutstanding after the placement. Stock of the company(NASDAQ:GRPI) closed at $8.75, down 25 cents, on Friday.
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