New Issue: Encorium Group sells $1.58 million of shares through private placement

By Devika Patel

Knoxville, Tenn., Oct. 19 - Encorium Group, Inc. settled a $1.58 million private placement of stock on Oct. 16, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company sold 3,937,500 common shares at $0.40 per share.

Proceeds will be used for working capital purposes.

Located in Wayne, Pa., Encorium develops and manages clinical trials and patient registries for pharmaceutical and biotechnology companies.

Issuer:	Encorium Group, Inc.
Issue:	Common stock
Amount:	$1,575,000
Shares:	3,937,500
Price:	$0.40
Warrants:	No
Settlement date:	Oct. 16
Stock symbol:	Nasdaq: ENCO
Stock price:	$0.4399 at close Oct. 16
Market capitalization:	$8.16 million

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