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Northfield looks to new $1.4m financing

This article was originally published in Clinica

Executive Summary

PolyHeme red blood cell substitute developer Northfield Laboratories says it has received a commitment from an institutional investor to purchase $1.4m-worth of its convertible preference stock. The stock is convertible into common stock at $0.265 per share. The unnamed investor has also received 5.4 million common stock warrants that are exercisable at $0.53 per share, six months after the closing (expected by March 18 2009). The Evanston, Illinois company will use the proceeds for general purposes and in connection with the regulatory review of PolyHeme.

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