PURE Bioscience (PURE) Nosedives After Announcing Offering
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PURE Bioscience (Nasdaq: PURE) was trading up approximately 15% today after Novavax (Nasdaq: NVAX) announced favorable results from a Phase II human clinical trial of its trivalent seasonal influenza virus-like particle (VLP) vaccine candidate.
The vaccine contained three VLPs (H3N2, H1N1, and B) that were matched to the strains recommended for influenza vaccines for the past flu season (2008-2009).
PURE Bioscience took advantage of the strength in its stock today and announced that it has received commitments from investors to purchase $3 million of securities in a registered direct offering.
The shares of the common stock will be sold at a per share price of $1.65 per share and investors will receive warrants to purchase 0.40 shares of common stock at an exercise price of $2.10 per share for each share of common stock they purchase in the offering.
The drastic swing in shares of PURE Bioscience demonstrates the risks associated to investing in small-cap, swine flu related stocks. Thus far today, PURE Bioscience has swung approximately 30%.
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The vaccine contained three VLPs (H3N2, H1N1, and B) that were matched to the strains recommended for influenza vaccines for the past flu season (2008-2009).
PURE Bioscience took advantage of the strength in its stock today and announced that it has received commitments from investors to purchase $3 million of securities in a registered direct offering.
The shares of the common stock will be sold at a per share price of $1.65 per share and investors will receive warrants to purchase 0.40 shares of common stock at an exercise price of $2.10 per share for each share of common stock they purchase in the offering.
The drastic swing in shares of PURE Bioscience demonstrates the risks associated to investing in small-cap, swine flu related stocks. Thus far today, PURE Bioscience has swung approximately 30%.
Sign up at EasyStockAlerts.com & Make Money Today!
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