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Ladenburg Thalmann & Co. arranged a $4.1 million private placement of common stock and warrants of Aradigm Corp., a drug maker and drug delivery system developer.
Hayward, Calif.-based Aradigm issued 34.7 million common shares priced at 11.84 cents each, reflecting a premium of 3% over the stock's closing price last Friday. Investors also received three-month warrants to purchase 7.53 million shares for the same price.
The investors included several funds of Arnhold S. Bleichroeder Advisers, Bison Trading, Conus Partners, First Eagle Funds, and individual investors.
Aradigm said it planned to use the proceeds for funding of phase three studies and the filing of a new drug application for its lead product candidate: inhaled liposomal ciprofloxacin, a treatment for lung infections linked to cystic fibrosis.
Source:
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