Proceeds will fund development of melanoma treatment VitiGam.
GammaCan International Inc. (Bulletin Board:GCAN.OB) has raised $6.5 million private placement with a group of investors lead by T.R. Winston & Company LLC. The company issued 16.25 million shares at $0.40 per share, and warrants equal to the amount of shares issued, exercisable at $0.48.
GammaCan CEO Patrick Schnegelsberg said, "These funds will enable us to continue the development of VitiGam for the treatment of Stage III and Stage IV melanoma."
The share jumped 10% following the announcement to $0.56, to give a market cap of $15 million.
Published by Globes [online], Israel business news - www.globes.co.il - on March 1, 2007
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