NeoTherapeutics Sells Stock to Fuel Research
NeoTherapeutics Inc., an Irvine drug maker, said Monday that it has sold $8 million in common stock to two institutional investors, gaining funds to continue clinical trials of a potential treatment for Alzheimer’s disease.
The investors were not identified. They paid $5.38 a share for 520,324 shares of common stock.
For the record:
12:00 a.m. March 9, 2000 For the Record
Los Angeles Times Thursday March 9, 2000 Orange County Edition Business Part C Page 4 Financial Desk 1 inches; 24 words Type of Material: Correction
Stock sale--A Dow Jones Newswires story Tuesday misstated the per-share price of stock sold by NeoTherapeutics Inc. in Irvine. The company sold the shares at $15.38 each.
NeoTherapeutics said the investors also obtained five-year warrants to buy 104,000 shares at an exercise price of $21 each.
The company said it will use the proceeds to expand a clinical-trial program for its Netrofin compound, currently in development for the treatment of Alzheimer’s disease through nerve repair.
The stock’s value fell $1.63 a share Monday to close at $22.25 in Nasdaq trading.
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