The money's in the bank

Despite its common shares losing 42 percent of their value on Thursday due to a clinical hiccup, Carrington Laboratories (CARN) said it won't have to return to investors the $6.6 million it raised in a convertible preferred share placement three days earlier. "They knew what they were getting into," said CARN CFO Sheri Pantermuehl. "They're obviously not pleased, but they're grown-up about it. They're not in it for the short-term, they are in it for the long-term," she added. On Thursday, CARN announced that the first Phase III trial of its Aliminase ulcerative colitis drug showed no benefit over placebo. An ongoing Phase III study

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