Aphton Corporation announces completion of private financing.WOODLAND, Calif.--(BUSINESS WIRE)--Sept. 19, 1995--Aphton Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APHT APHT Advance Physical Test ) announced today that it has received proceeds of $5 million from the closing of a private financing of Common Stock with an institutional investor. Philip Gevas, Aphton's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said that 500,000 shares of common stock were placed by Aphton at $10 per share (the closing Bid price on the day the price was negotiated) with a 7-year warrant for 125,000 shares exercisable at $12.50 per share. There was no agent involved in the private placement. Gevas said that the proceeds will be used for two Phase III clinical trials (either stomach cancer or colon cancer and GERD GERD gastroesophageal reflux disease. GERD abbr. gastroesophageal reflux disease GERD ) and two Phase I/II Clinical Trials (breast cancer and prostate cancer), which are planned for early 1996. Together with Aphton's cash reserves, the proceeds should also enable funding of planned operations through 1997. Aphton Corporation is a biopharmaceutical company developing products using its innovative vaccine-like technology for neutralizing hormones that participate in diseases, both malignant and non-malignant, in (a) the gastrointestinal system and (b) the reproductive system. These diseases include: (a) Gastroesophageal Reflux Disease gastroesophageal reflux disease (GERD) Disorder characterized by frequent passage of gastric contents from the stomach back into the esophagus. Symptoms of GERD may include heartburn, coughing, frequent clearing of the throat, and difficulty in swallowing. (GERD), ulcers and colorectal, stomach and pancreatic cancers; (b) endometriosis and prostate, breast and endometrial cancers. In addition, Aphton has exclusive worldwide manufacturing, distribution and sales rights for an immunocontraceptive product, also utilizing vaccine-like technology, which is now in a Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II funded by the World Health Organization (WHO). CONTACT: Aphton Corporatiion Jeannette Whitmore, 305/374-6717 |
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