JAVELIN TO RAISE $32 MILLION EQUITY FINANCING

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Javelin Pharmaceuticals, Inc. (OTC BB: JVPH) announced today that it has entered into definitive purchase agreements in a private placement of its common stock and warrants totaling approximately $32 million. The financing was led by NGN Capital and investment funds affiliated with Wexford Capital LLC in addition to several other US and European institutional investors. Under the terms of the transaction, Javelin will issue approximately 14,222,222 shares of common stock at a share price of $2.25 and five year warrants to purchase 711,111 shares of common stock at an exercise price equal to $2.25 per share.

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