Cytogen In $70M Equity Financing Facility
Dow Jones Newswires
PRINCETON, N.J. -- Cytogen Corp. (CYTO) received an equity financing facility from Acqua Wellington North American Equities Fund Ltd. for up to $70 million during the next 20 months.
Acqua acts as the adviser to the Acqua Wellington Family of Funds targeted at investment opportunities among mid-cap and small-cap publicly traded companies.
In a press release Tuesday, Cytogen, a biopharmaceutical company, said it will sell its common shares to Acqua at a small discount to market, which will be determined before each sale.
Shares of Cytogen closed trading Monday on the Nasdaq National Market at $5.66, down 28 cents, or 4.7%.
The facility will let Cytogen access capital as needed to accelerate the development of its proteomics program.
"With increased financial resources, including the anticipated sale of tax benefits this year through the State of New Jersey, Cytogen will be in a stronger position to move its products through development, to acquire or to in-license additional products that complement our business objectives in proteomics and prostate cancer, and to pursue additional strategic partnerships," said Chief Financial Officer and Vice President Lawrence R. Hoffman in the press release.
Recently, Cytogen also received $6 million in proceeds from an equity placement of 902,601 shares of registered common shares with Acqua. |
