Finance

Avalon Pharmaceuticals closes $10 million in private placement of common stock

Published in Drug Law Weekly, February 20th, 2007

Avalon Pharmaceuticals, Inc. (AVRX) has closed the $10 million private placement to institutional investors previously announced on January 22, 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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Source: Drug Law Weekly (2007-02-20)

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