MethylGene raising C$26.1 million, names Baum CEO

MethylGene Inc. (TSX:MYG) hired Charles Baum as president, CEO and a director and said it plans to raise C$26.1 million ($26.1 million) through the sale of 179.7 million units at C$0.145 in a private placement. Baum was SVP of clinical research at the R&D division of Pfizer Inc. (NYSE:PFE). He succeeds Charles Grubsztajn, who departed in September. Tavistock Life Sciences is lead investor in the financing. Baker Brothers Advisors; OrbiMed Advisors; and Tang Capital Partners also are participating. Each unit comprises a share and a five-year warrant to purchase 0.30 shares, with each whole warrant exercisable at C$0.17. ...