Guilford raising $27.4m; plans Phase III trials.(Thursday, December 11; Guilford Pharmaceuticals Inc.)

Guilford Pharmaceuticals Inc. is raising $27.4 million through a private placement of 4.8 million shares of its common stock for $5.67 apiece. Also, the Baltimore-based company issued seven-year warrants to investors to purchase about 960,000 shares of common stock at an exercise price of $7.55 per share. The company plans to use the proceeds to support clinical advancement of both the Aggrastat Injection and the Aquavan Injection, Stacey Jurchison, Guilford's spokeswoman, said. Guilford purchased U.S. rights to Aggrastat from Merck & Co. …