Published on 3/26/2008 in the Prospect News PIPE Daily.
New Issue: Akesis pockets $2 million from private placement of shares
By Devika Patel
Knoxville, Tenn., March 26 - Akesis Pharmaceuticals, Inc. said it has settled a $2 million private placement of stock.
The company sold 2,352,942 common shares at $0.85 apiece to Avalon Ventures VII, LP.
Avalon also received a warrant for 352,941 shares.
San Diego-based Akesis develops treatments for diabetes and metabolic disorders.
Issuer: | Akesis Pharmaceuticals, Inc.
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Issue: | Common shares
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Amount: | $2 million
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Shares: | 2,352,942
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Price: | $0.85
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Warrant: | For 352,941 shares
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Investor: | Avalon Ventures VII, LP
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Settlement date: | March 26
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Stock symbol: | OTCBB: AKES
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Stock price: | $0.90 at close March 25
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