Techniclone Gets $5 Million

Techniclone Corp. said it has received $5 million in private funding, which it will use for day-to-day operational expenses. Terms were being finalized.

The biotechnology company also said recent stock selling by corporate insiders was the result of forced margin selling required by brokerage firms to cover margin accounts, which were called after the stock fell below $2.

The stock closed Friday at $1.28, unchanged. It has been trading below $2 since Jan. 5. The company said it is still pursuing private funding to cover clinical trial expenses, manufacturing costs and general operations.