METABASIS THERAPEUTICS ANNOUNCES $41.3M PRIVATE PLACEMENT

Metabasis Therapeutics, Inc. (Nasdaq: MBRX -- News) today announced that it raised approximately $41.3 million in a private placement of common stock and the concurrent issuance of warrants for the purchase of common stock. Under the terms of the financing, Metabasis sold approximately 7 million shares of common stock at $5.86 per share, the closing bid price for the company's common stock immediately preceding the entering into of the binding agreement for the transaction.

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