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Genome Therapeutics Raises $9M in Common Stock Placement

Sep 30, 2003

NEW YORK, Sept. 30 (GenomeWeb News) - Genome Therapeutics has raised approximately $9 million in net proceeds after expenses ($9.55 million total) through a private placement of common stock, the company said today.

Approximately 3.8 million new shares of Genome Therapeutics common stock were issued to several new institutional shareholders, led by Domain Public Equity Partners. Investors also received warrants to purchase 1.9 million shares at an exercise price of $3.48 per share. The warrants are exercisable for a period of five years.

According to Steven Rauscher, CEO of Genome Therapeutics, the company will use the additional financing to support clinical studies of its lead product candidate, Ramoplanin, currently in clinical development for the prevention, treatment, and control of hospital-based infections.

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