JAVELIN PHARMACEUTICALS CLOSES $32 MILLION PLACEMENT
avelin Pharmaceuticals Inc. (JVPH.OB) is pleased to announce that yesterday
it closed its previously announced private placement, having issued and sold
an aggregate of 14,222,215 shares of Common Stock at a price of $2.25 per share,
and warrants for the purchase of 711,111 shares of Common Stock for gross proceeds
of $31,999,984. The warrants are exercisable for five years at an exercise price
of $2.25 per share. As a result of the placement, 40,404,976 shares of Common
Stock are issued and outstanding.