Cancer play Arno raises $30.7 million in private placement

Arno Therapeutics Inc. (OTCQB:ARNI) raised $30.7 million in a private placement through the sale of about 12.8 million units at $2.40 to existing and new investors. Each unit comprises a share or a five-year warrant to purchase a share for a penny; a five-year warrant to purchase a share at $4; and a one-year warrant to purchase a share at $2.40. Prior to the financing, the company implemented a 1-for-8 reverse stock split. ...