PharmaFrontiers completes $23M financing
US firm PharmaFrontiers, a company involved in the development and commercialization of cell therapies, has raised approximately $23.0 million in a private placement to institutional and other accredited investors of approximately 23 million units at $1.00 each, comprised of two shares of newly-issued common stock and a five-year redeemable warrant to purchase one share of common stock at an exercise price of $0.65 per share. MDB Capital Group acted as the exclusive placement agent.
The proceeds will be used primarily to fund PharmaFrontiers' Phase IIb trial with Tovaxin, a vaccine for the treatment of multiple sclerosis. The company expects to begin the study in the second quarter of 2006. The funds will also be used to complete preclinical development and initiate human clinical trials of the firm's rheumatoid arthritis and type 1 diabetes therapies.
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