Hopkinton Drug Firm Sells 1M Shares
Alseres Pharmaceuticals Inc. of Hopkinton has sold 1 million shares of common stock for $1 per share to Robert Gipson, an investor and former member of the company's board of directors.
The company said it would use the $1 million in proceeds from the sale to fund research and development programs as well as for general corporate purposes.
In connection with the stock sale, the company also issued an additional 456,522 shares to Gipson pursuant to a prior agreement that stipulated that Gipson would be entitled to additional shares if the company sold common stock at a price below $1.84 per share.
Monday, Alseres said it had received notice from the Nasdaq that the company would be delisted from the stock market if it failed to regain compliance with net income, market value and shareholder equity requirements by Feb. 9.
Alseres is developing treatments for degenerative disorders and traumatic injuries.
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