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GenSpera Inc. secures more than $3 million from investors
May 29, 2014

By W. Scott Bailey, San Antonio Business Journal

GenSpera Inc. (OTCQB:GNSZ) has entered into definitive agreements with investors who are purchasing approximately $3.33 million worth of the San Antonio-based biotech company's common stock and warrants through a registered public offering.

Each unit sold consists of one share of common stock, one-half of a Series A warrant, one Series B warrant and one Series C warrant. The Series A warrants will be exercisable into approximately 2.1 million shares of GenSpera's common stock at a price of $1.15 per share.

The Series B warrants will be exercisable into approximately 4.2 million shares of the company's common stock at a price of $0.85 per share. And the Series C warrants will be exercisable into approximately 4.2 million shares of the company's common stock at an exercise price of $0.85 per share.

The offering is expected to close on or about June 3.
I reported in March that GenSpera had filed a registration with the U.S. Securities and Exchange Commission for a public offering.

GenSpera is in the research-and-development phase for its lead drug, G-202, which could be used to treat a variety of cancers. The company is currently conducting Phase II clinical trials for G-202.

 

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