By Sheri Kasprzak
Atlanta, March 4 - Neurologix Inc. said it has raised an additional $700,700 to close a $3.5 million private placement.
The company sold 539,000 shares at $1.30 each to institutional investors.
The investors also received warrants for 135,000 shares at $1.625 each for five years. The warrants are callable after August 2007 if Neurologix's stock exceeds $3.25 per share for 10 trading days.
On Feb. 10, the company raised $1,435,590 in the private placement, and on Feb. 25 the company raised $1.03 million.
Based in Fort Lee, N.J., Neurologix researches and develops treatments for disorders of the brain and central nervous system. The proceeds will be used for research and development, as well as general corporate purposes.
| Issuer: | Neurologix Inc.
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| Issue: | Stock
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| Amount: | $700,700
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| Shares: | 539,000
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| Price: | $1.30
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| Warrants: | For 135,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.625
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| Settlement date: | March 4
|
| Stock price: | $2.15 at close March 3
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