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Nexell Raises Funds in Private Placement

(Dow Jones)

Nexell Therapeutics, an Irvine supplier of therapeutic and diagnostic products, said Monday that it has raised $63 million in preferred shares and warrants in a private placement with institutional investors.

The company said in a press release it plans to use a portion of the proceeds to retire about $34 million in debt held by Baxter International Inc.

New investors include John Hancock Mutual Life Insurance Co., Metropolitan Life Insurance Co. and Massachusetts Mutual Life Insurance Co.

Nexell stock closed Monday at $1.56 a share, up 19 cents in Nasdaq trading.

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