Chemgenex plans private placement of stock

By Sheri Kasprzak

New York, May 4 - Chemgenex Pharmaceuticals Ltd. is negotiating a private placement of its stock.

The company plans to sell up to 35 million shares to a group of sophisticated or professional investors.

The pricing terms have not yet been determined.

Based in Victoria, Australia, Chemgenex is a biopharmaceutical company.

On Thursday, the company's stock closed at A$0.56 (Australia: CXS).

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