NeoRx makes $7 million private placement

Monoclonal antibody agent developer NeoRx has completed a privateplacement of equity to institutional investors in a deal worth$7 million to the Seattle-based firm. The company will use thefunds to pursue continued clinical trials of its Biostent andAvicidin therapy agents, according to president and CEO Dr. PaulAbrams.

NeoRx is awaiting final word from the Food and Drug Administrationon its Verluma agent for imaging small-cell lung cancer. An FDApanel recommended Verluma for approval in December (SCAN 12/27/95).NeoRx will receive $4.5 million from Verluma licensee Du PontMerck Pharmaceutical when the product is approved.