Lpath plans $17 million private placement of stock

By Sheri Kasprzak

New York, March 28 - Lpath, Inc. intends to conduct a $17 million private placement.

The terms of the offering have not been set, but the deal is expected to include stock and warrants.

Proceeds will be used for ongoing drug development and working capital.

San Diego-based Lpath develops therapeutic treatments for cancer, macular degeneration, chronic and acute inflammatory disease and other diseases.

On Wednesday, the stock gave up 6 cents, or 4.58%, to close at $1.25 (OTCBB: LPTN).

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