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Telios Pharmaceuticals

This article was originally published in The Gray Sheet

Executive Summary

Plans to use part of an anticipated $6.7 mil. in net proceeds from offering of 3 mil. units to support "ongoing and planned clinical trials" of Argidene Gel, a treatment for diabetic foot ulcers (previously called Telio-Derm), and TP-9201, which is being developed to treat conditions associated with platelet aggregation, the San Diego-based company says in a prospectus for the offering. Telios submitted a premarket approval application for Argidene Gel in March 1993 ("The Gray Sheet" April 5, 1993, In Brief) and has filed an investigational new drug application for TP-9201. The proceeds also will be used for scheduled repayments of obligations under equipment leases and notes payable. Each unit in the offering consists of one share of convertible preferred stock and one warrant to purchase a share of common stock. The placement agent for the offering is Hambrecht & Quist

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