By Sheri Kasprzak
New York, Feb. 3 - EntreMed, Inc. said it has entered into agreements with institutional investors for a $30,062,500 private placement of units.
The company will sell 13 million units at $2.3125 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at $2.50 each.
Rockville, Md.-based EntreMed is a pharmaceutical company focused on treatments for cancer and inflammatory diseases.
| Issuer: | EntreMed, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $30,062,500
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| Units: | 13 million
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| Price: | $2.3125
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| Warrants: | One half-share warrant per unit
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| Warrant strike price: | $2.50
|
| Announcement date: | Feb. 3
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| Stock symbol: | Nasdaq: ENMD
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| Stock price: | $2.26 at close Feb. 2
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