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news.Advanced Life Sciences Holdings has completed its private placement of approximately 10.2 million shares of common stock together with warrants to purchase approximately 5.1 million shares of common stock to a group of new and existing institutional investors for approximately $20 million in gross proceeds.
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Lazard Freres & Co acted as the lead placement agent with Susquehanna Financial Group and CRT Capital Group acting as co-placement agents in the transaction.
Michael Flavin, chairman and CEO, said: “We are very pleased by the confidence and level of commitment shown by the impressive group of new and existing institutional investors who participated in this transaction. The capital from this private placement should allow us to complete the next phase of corporate objectives, including the consummation of a commercial partnership and NDA submission for cethromycin to treat community acquired pneumonia.”