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Clinical Data to Pocket $12M in Private Stock Placement

NEW YORK, Nov. 18 (GenomeWeb News) - Clinical Data has signed agreements with investors for a $12-million private placement of its common stock, the company said today.

 

The investors will purchase 614,629 shares of newly issued common stock and receive warrants to purchase 307,315 shares of additional common stock, for a total price of $12.025 million.

 

The "certain institutional and other accredited investors" remain unnamed at this time.

 

Clinical Data said it will use the gross proceeds from the placement to pay down outstanding indebtedness and to support its growth plans as it integrates Genaissance's operations and Icoria.

 

The company expects to close the Icoria acquisition in mid-December.

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