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Clinical Data to Offer 3M Shares; Cash Will Fund Acquisitions, Other Expenses

NEW YORK (GenomeWeb News) — Clinical Data plans to offer 3 million shares of its common stock through an underwritten public offering, the company said yesterday.
Clinical Data will use the proceeds from the offering to fund clinical trials, preclinical R&D for corporate purposes such as acquisitions, capital expenses, and working capital.
Chairman Randal Kirk, Clinical Data's largest stockholder, plans to buy around $50 million worth of the common stock, “depending ultimately on the size of the offering,” the company said.
The company said that by acquiring these additional shares, Kirk “will maintain, at a minimum,” his current 40-percent ownership in Clinical Data. 
Clinical Data has also granted sole underwriter Bear Stearns & Co. a 30-day option to buy as much as an additional 450,000 shares of common stock to cover over-allotments.

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