Finance

Pharmaceutical company raises $3.7 million in private placement

Published in Drug Week, February 13th, 2004

Manhattan Pharmaceuticals, Inc., (MHTT) announced that it has completed a private placement of approximately 3,368,000 shares of its common stock, resulting in gross proceeds to the company of $3.7 million before payment of company expenses and commissions of approximately $266,000.

The financing was completed by Paramount Capital, Inc., of New York, New York.

Dr. Leonard Firestone, Manhattan's president and CEO, commented, "We are very excited about the continued interest in Manhattan that we have seen from sophisticated institutional investors. The funds from this financing, together with the $10 million raised in December 2003, provide Manhattan...

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Source: Drug Week (2004-02-13)

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