Avalon closes $10 million placing
Maryland, USA-based Avalon Pharmaceuticals has closed a $10.0 million private placement to institutional investors previously announced on January 22. 3 million shares of the firm's common stock were issued at $3.34 each. The price represented a $0.26, or 8.4%, premium to Avalon's closing price on January 19. Participants in the transaction included Federated Kaufmann Funds, Merlin Nexus II, Passport Management, Xmark Opportunity Funds, Biotechnology Value Fund and other select institutional investors.
The proceeds will be used to fund further development of Avalon's lead oncology drug, AVN944, and the continued development of additional pipeline programs using the company's proprietary technology, AvalonRx.
"This financing adds to our financial base as we move our lead program, AVN944, into Phase II studies for the treatment of both solid tumors and hematological malignancies," stated chief executive Kenneth Carter. "The funds will also contribute to the advancement of several of our preclinical programs for the development of first-in-class drugs using our AvalonRx discovery platform," he added.
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