NeoTherapeutics Nets $8 Million From Sale

NeoTherapeutics Inc., an Irvine biopharmaceutical company specializing in nerve regeneration research, said Thursday it has raised $8 million by selling 968,524 shares of its stock to two private institutional investors.

NeoTherapeutics said in a press release that it sold the stock at $8.26 a share, but it did not identify the investors. The sale gives the private investors a combined 8.6% stake in the company.

The company also gave the investors warrants for five years to purchase 193,706 additional shares at $10.13 a share.

The stock price fell 19 cents a share Thursday to close at $6.88 a share in Nasdaq trading.