Introgen Therapeutics, Inc. Announces Financing.
Tuesday November 7, 11:59 am ET
AUSTIN, Texas, Nov. 7 /PRNewswire-FirstCall/ -- Introgen Therapeutics, Inc. (Nasdaq: INGN - News) today announced the sale of approximately 1.32 million shares of its common stock to an international institutional investor. Introgen will receive gross proceeds of $6.1 million.(That's around $4.62/shr.) Mulier Capital, headquartered in London, acted as sole placement agent.
The shares were offered on November 7, 2006 and were registered pursuant to the Company's existing shelf registration statement, which was declared effective by the U.S. Securities and Exchange Commission on August 25, 2003.
Introgen anticipates using the net proceeds from the offering primarily for working capital and other general corporate purposes, including the development of its clinical programs which include ADVEXIN, INGN 241 and its other programs.
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That's one factor for today's dip on the price.<g> Today's L of $4.77 was still $0.15 above the price of the sale to Mulier Capital, but if the price dips below 4.65 it may retest support at the 4.40 to 4.50 level.<g>
Bernard |
