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ProMetic to Raise $9.8M in Private Placement

NEW YORK, June 5 (GenomeWeb News) - ProMetic Life Sciences will raise C$10.8 million, or $9.8 million, through a private placement of 29.6 million subordinate voting shares, the company said on Friday.

 

The private placement will be with JPMorgan and Third Point.

 

ProMetic will use the funds raised for general corporate purposes, including accelerating the development of PBI-1402, ProMetic's lead therapeutic, an orally active drug for the treatment of anemia in cancer patients undergoing chemotherapy.

 

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