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.
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