By Devika Patel
Knoxville, Tenn., April 16 - EntreMed, Inc. negotiated a $3 million registered direct offering of stock, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 5,791,505 common shares at $0.518 apiece.
Proceeds will be used to reduce debt and for general corporate purposes.
Based in Rockville, Md., EntreMed develops therapeutic treatments for cancer and inflammatory diseases.
| Issuer: | EntreMed, Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 5,791,505
|
| Price: | $0.518
|
| Warrants: | No
|
| Pricing date: | April 16
|
| Stock symbol: | Nasdaq: ENMD
|
| Stock price: | $0.62 at close April 16
|
| Market capitalization: | $59.3 million
|
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