Scios Raises $3.6 Million In Stock Sale

Scios of the USA has raised $3.6 million through the sale of 200,000 shares of common stock in Guilford Pharmaceuticals to a leading Swedish health care investment fund.

Richard Casey, Scios' chairman and chief executive, said: "this sale recaptures for Scios the approximate amount of cash we invested in Guilford at the time of its founding in 1993." He explained that Scios anticipates that it may, from time to time over the next five years, sell most or all of its holdings in Guilford to fund the future growth of Scios' product development, and other operations.