Adeona Pharmaceuticals of Ann Arbor, MI said it raised $3.5 million by selling about 1.7 million shares to an undisclosed institutional investor. The company, which is developing drugs to treat brain disorders, said it also granted the investor the right to buy another 844,393 shares at $2.0725 per share. At that price, Adeona would raise another $1.75 million.
Author: Thomas Lee
Thomas Lee came to Xconomy from Internet news startup MedCityNews.com, where he launched its Minnesota Bureau. He previously spent six years as a business reporter with the Star Tribune in Minneapolis. Lee has also written for the St. Louis Post-Dispatch, Seattle Times, and China Daily USA. He has been recognized several times for his work, including the National Press Foundation Fellowship on Alzheimer's disease, the East West Center's Jefferson Fellowship, and the MIT Knight Center Kavli Science Journalism Fellowship on Nanotechnology. Lee is also a former Minnesota chapter president for the Asian American Journalists Association and a former board member with Mu Performing Arts in Minneapolis.
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