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Biotech / Medical : Neurogen (NRGN)
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To: Jim Oravetz who wrote (278)6/28/2000 2:16:00 PM
From: Jim Oravetz  Read Replies (1) of 523
 
Neurogen Plans Pvt Placement Of $41M Of Newly Issued Stk
Dow Jones Newswires
BRANFORD, Conn. -- Neurogen Corp. (NRGN) signed a definitive agreement for a private placement of 1.638 million newly issued common shares at $25 a share, valued at $41 million total.
In a press release Wednesday, said it expects to use the proceeds to apply its accelerated intelligent drug discovery technologies to the new drug discovery targets emerging from the sequencing of the human genome.
Pacific Growth Equities served as sole placement agent for the transaction.
Neurogen has about 15.6 million share outstanding.
Shares of the health-care company recently traded at 27 1/64, down 19/64, or 1.1% on Nasdaq volume of 18,300 shares. Average daily volume is 56,193.
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