Policy & Regulation
Phoenix Biotechnology concludes USD4.12m private placement
12 December 2019 -

Phoenix Biotechnology Inc stated on Wednesday that it has raised gross proceeds of USD4.12m from a private placement of common stock.

Under the private placement, the company sold 1,373,400 shares of common stock for gross proceeds of USD4.12m

Gross proceeds of the offering may be used by the company for general corporate purposes including funding its continuing research at The University of Texas M.D. Anderson Cancer Center, University of Nebraska and University of L'Aquila (Italy), for the filing and prosecuting its US and international patent portfolio and to pay general and administrative expenses.

Based in San Antonio, Texas, the biotechnology company was incorporated in 2003 to develop promising agents with minimal or no side effects for targeted therapy of malignant tumour growth and other life-threatening diseases.