Finance

Pharmaceutical company raises $2.5M through a private placement

Published in Cancer Weekly, October 14th, 2003

Adventrx Pharmaceuticals, Inc., (AVRX) announced that it has raised approximately $2.5 million through a private placement with institutional and accredited investors.

The company issued approximately 2.5 million shares of its unregistered common stock, with 30% warrant coverage to purchase additional shares of its common stock at $1.25.

"We believe this funding will help further develop our promising HIV and cancer platforms," said Nicholas Jon Virca, CEO of Adventrx. "In less than 5 months, we were able to raise a second round of financing at more than twice the price of our last funding, reflecting the high expectations for our HIV trial of...

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Source: Cancer Weekly (2003-10-14)

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