By Jennifer Chiou
New York, June 29 - SoLapharm, Inc. said it completed a nearly $5.9 million round of equity financing.
The company sold 1.07 million shares at $5.50 per share in the self-underwritten offering.
SoLapharm raised $5.8 million in two previous offerings in 2003 and 2004.
"With the closing of the offering, SoLapharm has approximately $8.5 million available to fund development of our proprietary technologies and our pharmaceutical product programs," Lawrence Solomon, chairman and chief executive officer, said in a news release.
"These technologies are designed to enhance the accuracy and flexibility of dosing of a variety of pharmaceutical products. Five utility patent applications have been filed to protect the worldwide rights to SoLapharm's proprietary technologies."
SoLapharm, a Plantation, Fla., development-stage pharmaceutical company, has 6.9 million shares outstanding.
| Issuer: | SoLapharm, Inc.
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| Issue: | Common stock
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| Amount: | $5.9 million
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| Shares: | 1.07 million
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| Price: | $5.50
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| Announcement date: | June 29
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