Finance

Oncology drug development company raises $15.2M in private placement

Published in Cancer Weekly, June 8th, 2004

Sonus Pharmaceuticals, Inc., (SNUS) announced the completion of a private placement that raised approximately $15.2 million in gross proceeds (net proceeds of approximately $14.4 million) with a select group of institutional investors.

In connection with the financing, the company issued 2.9 million shares of common stock at a price of $5.25. Granite Financial Group, Inc., acted as the placement agent for the financing.

Sonus expects to use proceeds of the sale primarily for the continuing advancement of its lead product candidate, Tocosol Paclitaxel, currently in phase IIb clinical trials, as well as to accelerate the preclinical development of...

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Source: Cancer Weekly (2004-06-08)

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