Published in Drug Law Weekly, February 20th, 2007
A total of 3 million shares of Avalon's common stock were issued in the private placement at a price per share of $3.34. The price represented a $0.26 or 8.4% premium to Avalon's closing price on Friday January 19, 2007. Participants in the transaction included Federated Kaufmann Funds, Merlin Nexus II, LP, Passport Management, LLC, Xmark Opportunity Funds, Biotechnology Value Fund and other select institutional investors.
Proceeds will be used to fund further development of Avalon's lead oncology drug,...
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