Inovio clinches $16.17m financing:
This article was originally published in Clinica
Inovio Biomedical (San Diego, California) has secured $16.17m in the sale of common stock to institutional and accredited investors in Singapore and North America. The company, a specialist in drug delivery devices based on electroporation, sold around 4.6 million shares at $3.52 per share, in a bid to raise additional financing to fund the further development of its DNA delivery technology for gene-based therapies. The sale price represents an approximate 7% discount in comparison to Inovio's closing share price on the date of the definitive sales agreement (May 14).