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PHARMATEC ANNOUNCES FINAL CLOSING OF PRIVATE FINANCING IN THE AMOUNT OF $5.5 MILLION WITH DAVID BLECH

 PHARMATEC ANNOUNCES FINAL CLOSING OF PRIVATE FINANCING
 IN THE AMOUNT OF $5.5 MILLION WITH DAVID BLECH
 GAINESVILLE, Fla., Feb. 20 /PRNewswire/ -- Pharmatec, Inc. (NASDAQ: PHTC) today announced that it has received $4.5 million of new capital from David Blech in the final stage of private financing for a total of $5.5 million for the company.
 This follows the initial closing of $1.0 million announced on Nov. 6, 1991.
 In exchange for the $5.5 million investment, Pharmatec issued a total of 3,666,667 units of its securities. Each unit consists of two shares of common stock and one Class A Warrant. Each Class A Warrant is exercisable at a price of $1.25 for a period of six years from the date of the placement to purchase a unit consisting of one share of common stock and one Class B Warrant. Each Class B Warrant, upon issuance, will be exercisable at a price of $1.75 for a period of seven years from the date of the placement to purchase one share of common stock. As previously announced, the company has already issued to Blech 666,666 units of it securities in exchange for the $1.0 million received in the initial closing. Blech now owns approximately 60 percent of the outstanding stock of Pharmatec (without taking into effect any exercise of the Class A and B Warrants).
 Pharmatec is a research-based drug development company specializing in two novel technologies -- a patented carrier system for enhancing the delivery of drugs to the brain and MOLECUSOL(R) brand cyclodextrins for improving the solubility, stability and delivery of drugs. Blech is sole shareholder of D. Blech & Company, Incorporated, a New York City-based merchant banking firm specializing in biotechnology and the life sciences.
 -0- 2/20/92
 /CONTACT: Bruce N. Barron, president of Pharmatec, 904-462-1210/
 (PHTC) CO: Pharmatec, Inc. ST: Florida IN: MTC SU:


BR-BN -- AT001 -- 0806 02/20/92 09:26 EST
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Publication:PR Newswire
Date:Feb 20, 1992
Words:325
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