Medical Discoveries wraps up $1.2 million private placement

By Sheri Kasprzak

Atlanta, Oct. 20 - Medical Discoveries Inc. has finished a $1.2 million private placement of convertible preferred stock, the company said Wednesday.

Mercator Advisory Group LLC, through Monarch Pointe Fund Ltd., bought the preferreds and warrants.

Ascendiant Securities LLC served as the placement agent in the deal.

Details on the pricing of the private placement will be available later, the company said in statement.

Medical Discoveries is a Twin Falls, Idaho biopharmaceutical research company. The company plans to use the money raised in the deal for clinical trials for cystic fibrosis treatments.

Medical Discoveries' stock closed unchanged at $0.23 Wednesday.

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