Bio-Technology General Corp. said Tuesday it has raised $5.7million through a private placement.
The New York company said it sold about 1.6 million unitscomprised of common stock and warrants at $3.50 per unit.
The units, which are separable, consist of one share of commonstock and a warrant to purchase one-half share at $6 per wholeshare. Following the placement, BTGC has 20.8 million shares ofstock outstanding.
The cash gives BTGC another full year of operating cashresources, said Sim Fass, president and chief executive. Thecompany now has $11.3 million in cash, $14.8 million in equityand $2.7 million in long-term debt on a pro forma basis as ofMarch 31. Fass said the company is now ready to apply to haveits shares traded on the NASDAQ National Market System.
The stock (NASDAQ:BTGC) closed unchanged at $3.88 onTuesday.
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