CytoDyn, Inc. (OTC:CYDY) has announced the results of two private placements that were sold on March 29, 2010. The placements raised a total of $3,000,000. One of the placements offered CytoDyn’s restricted common stock to a group of accredited investors. The other placement offered convertible preferred shares to a wider range of accredited investors. The net proceeds of the placements will be used for the development of the company’s Cytolin. Cytolin is the company’s lead product that is used for the treatment of HIV/AIDS. The proceeds will also be used for the maintenance and expansion of the company’s international patent portfolio.
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CytoDyn, Inc. (CytoDyn) is engaged in developing therapeutic agents for use against disease associated with human immunodeficiency virus and plasmid-deoxyribonucleic acid (DNA) products to protect human subjects against several strains of influenza (the flu). CytoDyn and Cytolin are the registered trademarks of the Company. In July 2006, the Company acquired the right to develop a DNA-based, pre-flu vaccine developed at the University of Massachusetts after completion of seminal scientific research.
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