PharmNetics raises $9.58m

PharmaNetics Inc. (Nasdaq/NM: PHAR) of Raleigh has raised $9.58 million through a private placement of preferred stock. The proceeds of the offering will be used to build sales momentum for the company's ENOX test, a rapid, point-of-care test to detect the anticoagulant effects of enoxaparin sodium.

The financing was led by Camden Partners of Baltimore, Md., and included other institutional investors.

"We are pleased to have completed the preferred stock offering with the investment banking firm, SG Cowen Securities Corp., who assisted us in a difficult financing environment for companies at our stage of development," said John Funkhouser, the company's president and CEO.

In connection with this financing, Richard M. Johnston of Camden Partners will join the company's board of directors.

For more information visit the company's Web site at www.pharmanetics.com.

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