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news.Clinical Data, a biotechnology company, has signed a definitive agreement with certain affiliates of Randal Kirk, chairman of Clinical Data's board of directors, with respect to the private placement of 1.51 million shares of newly issued common stock.
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These shares were priced at the closing price of $16.44 per share as of September 26, 2008, plus $0.0625 per share, and warrants to purchase an additional 757,461 shares of common stock at $16.44 per share, for a total purchase price of approximately $25 million.
Clinical Data intends to use the gross proceeds from the private placement, which will be paid in full to the company as no placement agent was used in the transaction, for general working capital purposes.