BioCentury
ARTICLE | Finance

Ebb & Flow

February 17, 2003 8:00 AM UTC

CLPA closed the week up $0.27 (53%) at $0.78 after adding $0.24 (47%) to $0.75 on 4.7 million shares on Monday. Lazard advised OSIP, while CIBC World Markets advised CLPA.

It would be hard to argue that the deal was done from strength: The announcement came one day after EPMN withdrew its proposed follow-on, through which the company had hoped to sell up to 7.3 million shares. EPMN had about a year-and-a-half of cash as of Sept. 30 - $11.9 million against an operating loss of $5.2 million for the first nine months. ...