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Nexell Therapeutics

This article was originally published in The Gray Sheet

Executive Summary

Cell therapy company completes a $63 mil. private placement with institutional investors. Irvine, California-based Nexell will use the proceeds to retire about $34 mil. in convertible subordinated debentures held by shareholder Baxter, as well as for "general corporate purposes." Nexell's Isolex 300i gained FDA approval in July for the selection of hematopoietic stem cells and the removal of tumor cells from autologous peripheral blood grafts used to restore cancer patients' immune and blood-forming systems following high dose chemotherapy (1"The Gray Sheet" July 12, p. 11). Lehman Brothers served as placement agent for the transaction
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