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Vion Announces Offering
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Business New Haven
8/20/2001
By: BNH
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NEW HAVEN - Vion Pharmaceuticals Inc. (NASDAQ: VION) has entered into an agreement to sell 2,500,000 shares of its common stock at $5 per share in a public offering (the stock was trading at $5.04 on August 14). Managing underwriters of the offering are Gerard Klauer Mattison & Co. Inc. and C.E. Unterberg, Towbin. The underwriters have the option to purchase up to 375,000 additional shares at any time through September 9. Vion expects to use the net proceeds of the offering, approximately $11.4 million, to fund research and clinical development activities, manufacturing development and drug discovery, working capital and general corporate purposes.
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