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EntreMed to issue units under private placement (ENMD)

NEW YORK (MarketWatch) -- EntreMed Inc. (ENMD) has agreed with institutional investors to privately place units consisting of shares of common stock and warrants at a purchase price of $2.3125 per unit. The company will issue approximately 13 million shares of its common stock and warrants to purchase up to 6.5 million additional shares of common stock at an exercise price of $2.50 per share under the placement. EntreMed intends to use the proceeds from the offering primarily for further clinical development of the company's lead oncology drug candidates as well as further development of its preclinical pipeline candidates.

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