Drug Firm Finishes IPO
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NEWPORT BEACH — NeoTherapeutics Inc. has raised $19 million through an initial public offering of stock and warrants. The pharmaceutical company received $7.60 per unit for 2.5 million units, each consisting of one share of common stock and one warrant to purchase one common share.
The company said it will use proceeds from the offering to fund research and development, preclinical and clinical programs, working capital and other general corporate purposes. In its trading debut Thursday, the company’s stock closed at $5.50 on the Nasdaq market.
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