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Clinical Data to Gain $17M in Private Stock Placement

NEW YORK, June 14 (GenomeWeb News) - Clinical Data today said it stands to gain $17 million from the sale of approximately 1.5 million shares and warrants of its common stock to certain undisclosed institutional and other investors.

 

The company did not discuss when it expects the transactions to close.

 

Clinical Data President and CEO Drew Fromkin said that the extra capital will strengthen his company's ability to commercialize molecular diagnostics; continue its Phase III clinical development of the antidepressant Vilazodone and help it spin out the vilazodone business into a new company called Precigen Therapeutics; and to enhance its genetic services and analysis business.

 

The company said it will also use some of the cash to pay for the restructuring it announced in March.

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