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Genaissance Stock Slides 6.5 Percent on News of Stock Placement

This article has been updated from an earlier version to inlcude share price.

NEW YORK , Nov. 19 (GenomeWeb News) - Shares in Genaissance Pharmaceuticals were down 6.5 percent at $1.58 in mid-afternoon trade after the company said it will try to generate $6 million from a private stock placement.

 

The New Haven, Conn.-based pharmacogenomics company this morning said it will issue 3.55 million shares of common stock and warrants for another 3.55 million shares to undisclosed institutional investors and other accredited investors.

 

Genaissance said it will 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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