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

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.
Comments (2)
  • Chinatown_saavy
    , contributor
    Comments (2) | Send Message
     
    The timing is interesting. I suspect the investors wanted in before a price rise. Shares nearly dropped to the buy-in level, so even non-institutional investors could get some near the offering price. Will only go up from here, as $2.40 was the new ground floor anyway. This will bring additional investors with more funds in the company coffers.
    1 Mar 2013, 11:32 AM Reply Like
  • Scrying Biotech
    , contributor
    Comments (1535) | Send Message
     
    The funny thing about stocks is their more like elevators to floors rather than floors themselves.
    27 Mar 2013, 09:35 PM Reply Like
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