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Nuvelo Nets $26M From Stock Offering

NEW YORK, Oct. 7 (GenomeWeb News) - Nuvelo, the company created when Hyseq merged with Variagenics in November 2002, announced today that it has raised $26 million as the net proceeds after sales of 11.5 million new shares of its stock.

 

The company, based in Sunnyvale, Calif. said it plans to use the proceeds of the previously-announced financing for clinical trials of its lead drug candidate. 

 

In August, Nuvelo said it would sell its pharmacogenomics assets from Variagenics and its microarray assets from Hyseq in order to focus on drug development. (See the article in SNPtech Reporter 08-07-03).

 

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