Raleigh-based Salix Pharmaceuticals, Ltd. (www.salix.com) has completed a private placement of 1.7 million shares of common stock. The shares went to select institutional investors, and net proceeds to Salix are approximately $29 million, company officials said.
Salix will use the proceeds from the placement to pursue its strategic objectives, including the development of the products in its pipeline and the in-licensing/acquisition of additional products. Salix develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases.
Salix Pharmaceuticals is a CED member.