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Eleven Biotherapeutics to fund development of bladder cancer drug with offering

Cambridge, Mass.-based Eleven Biotherapeutics Inc. is looking to raise $9 million through an offering of 7,968,128 shares priced at $1.13 each.

The company will raise an additional $1 million via the sale of warrants that can be used to buy up to an additional 7,968,128 stock at $1.20 each. The warrants are priced at 12.5 cents each.

Laidlaw & Co. (UK) Ltd. is the sole placement agent in the offering, expected to close by March 23.

The company intends to use the proceeds to fund the development of its bladder cancer drug, Vicinium, now in a phase 3 trial.