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Biotech / Medical : Vion (formerly Oncorx) interesting play on Gene Therapy -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (297)	6/20/2003 1:16:35 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 370

Vion Enters Into Agreements For $5 M Private Placement DOW JONES NEWSWIRES NEW HAVEN, Conn. -- Vion Pharmaceuticals Inc. (VION) agreed to sell about $5 million of stock and warrants to fund ongoing operations through the first quarter. In a press release Thursday, the biopharmaceutical company said it has agreed to sell 3.8 million common shares at $1.30 per share and warrants to purchase 1.9 million shares at $2.20 per share to several institutional investors in a private placement. "We will have to manage our costs going forward and will continue to pursue all of our financial and strategic alternatives for additional financing," Chief Executive Alan Kessman said in a written statement. Rodman & Renshaw acted as the placement agent for the transaction. Gerard Klauer Mattison acted as financial adviser. The company, which is developing anticancer agents, has about 28.9 million shares outstanding. The development-stage company lost $12.3 million, or 43 cents a share, on revenue of $238,000 in 2002. At about 1:45 p.m. EDT Thursday, Vion's stock traded at $2.17, up 14 cents, or 6.9%, on composite volume of 3.1 million shares, more than four times the average daily volume.