Business Services Industry
Datatrak private placement draws $4.3M from investors.(Datatrak International Inc.)(Brief Article)
Crain's Cleveland Business, January, 2002 by Craintech.com, Chris Thompson
Datatrak International Inc. raised $4.3 million from existing and new investors in a private placement. Investors bought 1.9 million of its common shares at a purchase price of $2.25 a share. The private placement gives the company sufficient cash to fund operations for at least 18 months, said Dr.
Jeffrey A. Green, president and CEO of Datatrak, which provides software and services that allow pharmaceutical and medical companies to track electronically the results of their clinical trials. The company had hoped to raise as much as $15 million in the private placement. ``It's a tough environment,'' conceded Dr. Green. In the long run, it may be better for the company that it didn't raise as much money as it had hoped. To entice investors to take part...
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