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Financings in Brief: PharmaTarget

This article was originally published in The Gray Sheet

Executive Summary

PharmaTarget: Minneapolis-based firm raises $1.8 mil. in private placement of 446,000 units, each consisting of two shares of common stock and one warrant to purchase one share of common stock. Proceeds will support development of PharmaTarget's lead product, the Implantable Pharmacologic Atrioverter (IPA). The IPA is a drug infusion system that can be programmed "to sense fibrillation of the atrial chambers of the heart and then automatically deliver a predetermined dose of a prescribed drug directly to the heart to treat the condition," PharmaTarget says. The company anticipates introduction of its system "sometime in 1999"...

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