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Advancis Pharmaceutical Corporation

Private placement of common equity closed by pharma firm

Published in Healthcare Mergers, Acquisitions and Ventures Week, June 11th, 2005

Advancis Pharmaceutical Corporation (AVNC) has closed its previously announced private placement of common stock and warrants to purchase common stock, resulting in the receipt of $27.25 million in gross proceeds.

The newly issued shares were priced at $3.98, the closing price of the company's common stock on April 25, 2005. As part of the offering, investors also received warrants to purchase approximately 2.4 million shares of common stock, exercisable within 5 years at a price of $4.78 per share.

Following the completion of the offering, Advancis was advised by The Nasdaq Stock Market that the offering was completed at a price determined by Nasdaq...

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