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news.Alseres Pharmaceuticals, a biotechnology company, has entered into a securities purchase agreement with Cato Holding Company, doing business as Cato BioVentures, for the private placement of 200,000 shares of common stock of the company at a purchase price of $1 per share.
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The financing resulted in total gross proceeds of $200,000. The company intends to use the net proceeds from this private placement to satisfy certain amounts owed to Cato Research, a contract research organization and a related party to Cato BioVentures.
Alseres has granted incidental registration rights to Cato BioVentures covering resale of the shares of common stock issued in the private placement.