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Cadence to raise $86.6 million in financing

Cadence Pharmaceuticals, a biopharmaceutical company, has entered into an agreement to issue and sell in a private placement approximately 12 million shares of the company's common stock and warrants to purchase up to approximately six million additional shares of the company's common stock, for aggregate gross proceeds of approximately $86.6 million.

The price to be paid for the common stock, $7.13 per share, is equal to the consolidated closing bid price on the Nasdaq global market on the day of pricing, February 13, 2009. The five-year warrants are exercisable at a price of $7.84 per share.

The financing was led by Venrock with participation by Frazier Healthcare Ventures, Domain Associates, Versant Ventures, New Enterprise Associates, Bay City Capital and T Rowe Price Associates.