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Vaccinex raises $13.8M from private placement to fund drug program

Vaccinex Inc. raised $13.8 million via a private placement of 3,382,332 common shares at $4.08 apiece.

Existing shareholders FCMI Parent Co. and Vaccinex (Rochester) LLC are the lead investors in the placement. Vaccinex also entered into a registration rights agreement with the investors in the private placement.

The offering closed July 30 and has no warrants, derivatives or financial covenants associated with it.

The Rochester, N.Y.-based biotechnology company plans to use the additional funding for the ongoing development of its lead drug candidate pepinemab to treat cancer and Huntington's disease, an inherited neurodegenerative disease. The funds would also be used for working capital and general corporate purposes.

Vaccinex transferred its listing from Nasdaq Global Market to Nasdaq Capital Market on July 22 due to platform's lower listing requirements.