By Devika Patel
Knoxville, Tenn., Feb. 4 - EntreMed Inc. said it raised $2.5 million in a registered direct offering of stock. Wharton Capital Markets LLC was the agent.
The company sold 3,846,154 common shares at $0.65 per share. The purchase price reflects a 10% discount to the five-day average closing sale price for the period ended Feb. 2.
Proceeds will be used for clinical development of the Aurora A/angiogenic kinase inhibitor, ENMD-2076, and for other general corporate purposes.
Based in Rockville, Md., EntreMed develops therapeutic treatments for cancer and inflammatory diseases.
| Issuer: | EntreMed Inc.
|
| Issue: | Common shares
|
| Amount: | $2.5 million
|
| Shares: | 3,846,154
|
| Price: | $0.65
|
| Warrants: | No
|
| Agent: | Wharton Capital Markets LLC
|
| Settlement date: | Feb. 4
|
| Stock symbol: | Nasdaq: ENMD
|
| Stock price: | $0.70 at close Feb. 4
|
| Market capitalization: | $61.5 million
|
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