ProMetic Closes $9.8M Private Stock Placement

Jun 07, 2006

NEW YORK, June 7 (GenomeWeb News) - ProMetic Life Sciences closed a private placement of 29.6 million subordinate voting shares valued at CA$10.8 million ($9.8 million) with JPMorgan and Third Point, the biopharmaceutical company said today.

The shares were priced at CA$.365 per share.

The funds will be used to develop PBI-1402, an orally active drug for the treatment of anemia in cancer patients undergoing chemotherapy, as well as for general corporate purposes.

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