DUSA to raise $11 million; Advanced Explorations plans C$6.79 million; Living Cell to negotiate A$6.4 million

By LLuvia Mares

New, York, Oct. 30 - DUSA Pharmaceuticals, Inc. led PIPEs news with plans to raise $11 million in a private placement of stock.

"We are pleased to have attracted such a high quality group of investors in this offering," said Bob Doman, company president and chief executive officer, in a press release. "This financing allows DUSA to fund its ongoing business and help us execute on the strategy set forth by management and the board of directors."

The company issued 4,581,043 shares at $2.40 per share and warrants to purchase up to 1,145,259 additional shares at an exercise price of $2.85 per share. The warrants expire on April 30, 2013.

In trading Tuesday, the company's stock (Nasdaq: DUSA) closed at $2.48, down $0.23 from Monday's $2.71 close.

Investors in the transaction included Deerfield Management and Greenway Capital.

Rodman & Renshaw, LLC was the placement agent.

Proceeds will be used to fund working capital, further advance DUSA's Levulan PDT clinical development programs and activities associated with expanding the company's market.

Wilmington, Mass.-based DUSA is a dermatology company developing and marketing Levulan photodynamic therapy and other products targeting patients with common skin conditions.

Advanced Explorations plans C$6.79 million

Advanced Explorations Inc. is also deepening its pockets as the company negotiates C$6.792 million in a non-brokered private placement of units.

"We are extremely pleased that the company has been able to enter into an offtake agreement at such an early stage of the program," said John Gingerich, company president and chief executive officer, in a press release.

"This agreement underscores the confidence of our team and others that we will be able to deliver a viable iron ore mine at Roche Bay. The company has been working this project for only 5 months. This is just the first step of what we expect will be many more positive things to come."

The company will sell 2.4 million flow-through units at C$2.83 each. Each unit consists of one flow-through common share and one half share warrant. Each whole warrant is exercisable for one non flow-through share at C$3.88 for two years.

Advanced exploration's stock (TSX Venture: AXI) closed at C$2.70 Tuesday, up C$0.81 from Monday's C$1.89 at close.

The securities will have a four-month hold period.

Advanced Explorations is a Toronto-based petroleum and mineral exploration company.

Living Cell to raise A$6.4 million

In the technology sector, Living Cell Technologies Ltd. received commitments for a A$6.4 million private placement of shares.

"This investment follows on our release of preliminary positive results for our Phase 1 and 2, a clinical trial for DiabeCell in type I diabetes,' said Paul Tan, company chief executive officer, in a press release. "We are encouraged by both initial patient response, and the support we are receiving from the global investment community.

The combined cash infusion from this placement, as well as our recently announced agreement with NavigGroup will enable us to continue with our clinical development plans as well as enhance and expand our production facilities."

This financing is in addition to the deal with NaviGroup Management Ltd., announced on Oct. 4. Together, the two placements could raise up to approximately A$15 million for the company.

In this deal, the company will sell up to 17.7 million ordinary shares at A$0.36 each.

The company's stock (Australia: LCT) closed at A$0.415 on Monday and did not see any activity Tuesday.

Proceeds from both deals will be used as working capital.

Based in Victoria, Australia, Living Cell develops live cell therapies used to replace or repair damaged human tissues.

Claude to take in C$7 million

In other news, Claude Resources Inc. plans to proceed with a C$7 million non-brokered private placement of stock.

The company will sell up to 3,783,784 flow-through common shares at C$1.85 apiece.

The company's stock (Toronto: CRJ) closed at C$1.54 on Tuesday, down C$0.01 from Monday's C$1.55 close.

Closing is expected around Nov. 15.

Proceeds will be used for expenditures on the company's Madsen property in Red Lake, Ont.

Claude is a gold exploration and mining company based in Saskatoon, Sask.

Clinical Computing completes £1.81 million

Clinical Computing plc announced it has conditionally raised £1.81 million in a private placement of stock.

"As the group pursues more regional and national opportunities, directly web enabling our applications will provide a cost effective means for our customers to manage large volumes of patient data in a secure and efficient manner," said Joe Marlovits, company chief executive of clinical, in a press release.

The company raised £1.155 million through an EIS/VCT qualifying placing of 38.5 million new ordinary shares at 3p per share.

The company also said that it has raised another £655,000 by selling 21,833,333 new ordinary shares at 3p per share.

Clinical Computing's stock (London: CLC) closed at 2.38p Tuesday, down 0.13p from 2.50p at the close on Oct. 26, the last time it was traded.

Proceeds will be used to accelerate delivery of the company's product roadmap.

Brentford, England-based Clinical Computing develops and distributes computer software for the healthcare market.

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