Biotechnology firm Favrille Inc. announced Feb. 13 that it received commitments from institutional investors to purchase 3.3 million shares of common stock at a price of $3 per share, raising $10 million for the company.
A developer of cancer treatments, Favrille received commitments to buy the shares from Federated Kaufmann Fund and MPM BioEquities Adviser LLC and expects the offering to close on Feb. 13.
Traded on the Nasdaq as FVRL, Favrille closed on Feb. 12 at $3.27. At $3 per share, the offering represents an 8 percent discount from its last close.
, Andy Killion