Genaera gets $25M direct equity placement

US biopharmaceutials firm Genaera Corp says that it has received signed securities purchase agreements from institutional investors, including existing shareholders, for the purchase of approximately 35.6 million shares of its common stock and warrants to to buy 26.7 million shares at a purchase price of $0.70385 per unit for aggregate gross proceeds of approximately $25.0 million.

The warrants have an exercise price of $0.6101. The shares were offered through a prospectus supplement pursuant to the company's effective shelf registration statement. The offering, which was announced June 29, was expected to close on or about June 30.