Shares of EntreMed (ENMD -15.2%) gets smacked today after agreeing to sell around 5M shares of...

|By:, SA News Editor

Shares of EntreMed (ENMD -15.2%) gets smacked today after agreeing to sell around 5M shares of stock and 2.5M warrants in a registered direct offering. Each unit will be sold for $2.40, and the company says it's already received commitments from institutional investors, including Kleiner Perkins China Fund II and IDG-Accel China Growth Fund III to purchase approximately $10.7M. ENMD expects to net out around $10.3M proceeds once the deal is closed.