Finance

Novelos Therapeutics announces $15 million private placement

Published in Clinical Oncology Week, April 3rd, 2006

Novelos Therapeutics, Inc. (NVLT) announced that it has entered into definitive securities purchase agreements with institutional investors to raise $15.06 million (representing an increase of $2.2 million over the $12.86 million announced earlier) in gross proceeds through the sale of shares of its common stock and warrants.

Novelos has agreed to sell an aggregate of 11.15 million shares of common stock at a price of $1.35 per share. The investors will also receive warrants to purchase an aggregate of 8.37 million shares of common stock at an exercise price of $2.50 per share.

Oppenheimer & Co. and Rodman & Renshaw are serving as the placement...

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Source: Clinical Oncology Week (2006-04-03)

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