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OrthoLogic will not require investor to buy another $1.5 million of stock
By Sheri Kasprzak
New York, Sept. 18 - OrthoLogic Corp. said it will not require PharmaBio Development Inc. to buy another $1.5 million in stock as part of a previous stock offering settled in February.
Under the terms of the previous placement, OrthoLogic had the option to require PharmaBio, doing business as NovaQuest, to buy another $1.5 million of stock before Sept. 30.
In the original offering, which closed Feb. 27, NovaQuest bought 1,262,531 shares for proceeds of $3.5 million.
Based in Tempe, Ariz., OrthoLogic develops therapies for orthopedic ailments.
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