New Issue: Avalon Pharmaceuticals to raise $20 million from sale of shares

By Laura Lutz

Des Moines, May 25 - Avalon Pharmaceuticals, Inc. plans to conduct a private placement of shares for up to $20 million.

The company intends to sell up to 3,838,772 shares at $5.21 each. Investors will also receive warrants for at total of 959,693 shares. Each warrant will be exercisable at $6.00 for five years.

As of Friday morning, settlement was expected later in the day.

Avalon is a biopharmaceutical company based in Germantown, Md.

Issuer:	Avalon Pharmaceuticals, Inc.
Issue:	Shares
Amount:	$20 million
Shares:	3,838,772
Price:	$5.21
Warrants:	For 959,693 shares
Warrant expiration:	Five years
Warrant strike price:	$6.00
Pricing date:	May 25
Settlement date:	May 25
Stock symbol:	Nasdaq: AVRX
Stock price:	$5.33 at close May 25

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