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Opko Health Raises $31M in Private Stock Placements

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Opko Health announced this week that it has raised $31 million through private stock placements with seven investment groups.

The money comes at a key time for Opko, which earlier this year said that a $20 million stock purchase by a group controlled by the company's chairman and CEO would only give it enough resources to continue operations into early 2010 (see RNAi News, 3/19/2009).

Under the terms of the most recent investment deals, Opko will issue 31 million shares of its common stock at $1 per share. During morning trading on the Nasdaq today, shares of the company were selling for $1.20 apiece.

Investors participating in the transactions include Vector Group, Chung Chia Company, Grandtime Associates, Gold Sino Assets, Oracle Partners, Oracle Institutional Partners, and Nora Real Estate.

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