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Boston, MA - March 23, 2006
CombinatoRx Announces $48.0 Million Private Placement
Boston Millennia Partners is pleased to announce the completion of a $48 million private placement for portfolio company CombinatoRx (NasdaqNM:CRXX). CombinatoRx sold approximately 4.68 million shares of common stock at a price of $10.25 per share for a total purchase price of approximately $48.0 million. The transaction closed on March 24, 2006. Trading on March 24th closed at $10.98, a 57% increase in the share price of the firm since it’s initial public offering completed at $7 per share on November 9th.
“The positive post-IPO support of CombinatoRx, trading as high as $14.50 which is more than double its IPO price, signals a strong market appreciation for the prospects of the Company. The positive Phase 2 clinical study results of CRx-102 in hand osteoarthritis and the completion of this PIPE are key milestones for the Company”, stated Patrick Fortune, Partner of Boston Millennia Partners. “The market response to the Company's performance corroborates our view that CombinatoRx has both the platform to develop into a major biopharmaceutical company and the ability to execute, which monetizing that platform requires. The recently completed PIPE provides a solid runway from which the Company is being launched.”
CombinatoRx, Incorporated is a biopharmaceutical company focused on developing new medicines built from synergistic combinations of approved drugs, designed to attack disease on multiple fronts. CombinatoRx applies its proprietary combination drug discovery technology to identify new combination product candidates in a number of disease areas, including immuno-inflammatory disease, oncology, metabolic disease, neurodegenerative disease, and infectious disease. CombinatoRx is currently developing a portfolio of 6 product candidates targeting multiple diseases which were discovered by applying the Company's proprietary screening technology. For further information, please visit the CombinatoRx website at www.combinatorx.com.
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