Compugen Ltd. (NASDAQ: CGEN), the Israeli drug developer, said on Wednesday that it raised a net $19 million through a sale of its stock.
The company said it sold 4.1 million shares at a weighted average price of $4.91 per share between Nov. 13 and Dec. 29.
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The company plans to use the proceeds for general corporate purposes.
Chief Financial Officer Dikla Czaczkes Axselbrad said the company now has $23 million cash on hand. It expects to use about $8.5 million in 2010.
In morning trading, Compugen shares added 35 cents, or 7.6 percent, to $4.97.
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