Techniclone Stock Sale Attracts $8.2 Million

Techniclone International Corp. said it has raised $8.2 million by selling shares of its preferred stock to offshore institutional investors.

The preferred stock is convertible into common stock at an effective conversion price of $3.069 per share of common, or 85% of the fair market value of the common stock at the time of conversion, whichever is lower.

The company plans to use the proceeds for working capital and for developing and manufacturing antibodies.