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Genaissance Hopes to Pocket $6M In Private Stock Placement

NEW YORK, Nov. 19 (GenomeWeb News) -  Genaissance Pharmaceuticals expects to pocket $6 million in a private placement of 3.55 million shares of newly issued common stock, and warrants for another 3.55 million shares to undisclosed institutional investors and other accredited investors, the firm said today.


The NEw Haven, Conn.-based phramacogenomics company said that it plans to use the proceeds for general corporate purposes, including the repayment of debt.


The private placement, which the company said it expects to close this afternoon, comes after announcing earlier this week a layoff of 10 percent of its workforce in an attempt to reach break even from operations.

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