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MicroIslet Completes $1M Private Placement

San Diego-based MicroIslet Inc. said June 21 that it completed a $1 million private placement. The company expects to use the money for working capital.

MicroIslet is working on transplantation therapy for people with conditions requiring cell-based replacement treatments. Its main focus is type 1 diabetes.

The company will sell 2.6 million shares and issue warrants to purchase 1.3 million shares. The warrants have an exercise price of 60 cents per share. They may be exercised as soon as June 2008 and are good for five years.

MicroIslet, which has the symbol MIIS, trades over the counter. Shares closed June 22 at 43 cents, up 2 cents from the previous day’s close.

, Brad Graves

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