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MWG Raises 3.1M in Share Offering

NEW YORK, May 14 (GenomeWeb News) -MWG Biotech announced today that it has raised €3.1 million in capital through a stock offering to institutional investors.

 

The stock was offered at €1.25 per share, and the total placement value was €3.88 million. The shares were placed by VEM Aktienbank.

 

MWG said that it plans to use the extra capital to finance the development of a new technology for making synthetic nucleic acids. The company said that with the new technology in place, it could reduce production costs for the molecules by 40 percent.

 

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