Tigenix raises 12 mln euros by selling shares to Grifols

BRUSSELS Wed Nov 20, 2013 2:47am EST

BRUSSELS Nov 20 (Reuters) - Belgian biotech firm Tigenix said it had sold 12 million euros ($16.23 million) worth of shares to a unit of Spanish pharmaceutical company Grifols in a private placement of new shares.

The shares were sold at an average price of 0.351 per share, which the group said reflected at least the average closing price over the past 30 days.

Tigenix said it would use the proceeds of the sale to fund its clinical trials and market its main drug ChondroCelect, which repairs damaged cartilage in the knee.

($1 = 0.7394 euros) (Reporting by Robert-Jan Bartunek; editing by Barbara Lewis)

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