Myrexis, Inc. announced that it has received $0.25 million in funding from Xstelos Holdings, Inc.
February 26, 2013 at 11:00 pm EST
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Myrexis, Inc. (OTCPK:MYRX) announced a private placement of 7,000,000 common shares at $0.0357 per share for gross proceeds of $250,000 on February 27, 2013. The transaction saw participation from a new investor, Xstelos Corp., a wholly owned subsidiary of Xstelos Holdings, Inc. for 20% stake in the company.
On February 27, 2013, Myrexis, Inc. closed the transaction.
Myrexi, Inc. is a development-stage company. The Company was a biopharmaceutical company that generated a pipeline of differentiated drug candidates in oncology and autoimmune diseases. In February 2012, it announced that the Company has suspended development activity on all of its preclinical and clinical programs and retained Stifel Nicolaus Weisel, an investment banking firm, to assist in reviewing and evaluating a full range of strategic alternatives to enhance shareholder value. The Company determines to pursue the acquisition of one or more commercial-stage biopharmaceutical assets, with the goal of building a commercial-stage biopharmaceutical company. The Company operates in pharmaceutical development and related research activities. The Companyâs revenues were derived from research performed in the United States and, all of the Companyâs long-lived assets are located in the United States.