Cytogen Inc.on Tuesday announced that it will sell stock to raise 10 billion won (US$7.4 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue some 2.75 million common shares at a price of 14,500 won per share. The stock will be sold to the investors that the firm designated.

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Source: Yonhap News Agency