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Financings in Brief: Life Medical Sciences

This article was originally published in The Gray Sheet

Executive Summary

Life Medical Sciences: Raises $2.5 mil. in the placement of 909,091 shares of unregistered common stock with an "unrelated third party investor." The shares, sold for $2.75 each, will represent about 17% of total outstanding shares in the Princeton, New Jersey-based company. The purchaser of the shares "will have a demand registration right after one year and certain limited piggyback rights," the company notes. The proceeds will be used for working capital, and to expand clinical testing of the company's products, including its Cariel dermal gel, which employ tissue culturing technology for topical wound healing...

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