Stellar Biotechnologies offerings raise $6.75 million
Stellar Biotechnologies, a Port Hueneme-based company which makes medicines from the blood of animals found only off the coast of California, closed two private offerings July 6.
Stellar closed one offering of 1.7 million common shares sold to institutional investors for $4 per share. In a separate concurrent offering, the company also sold 1.3 million common shares to institutional investors for $4.50 per share. By holding the offering,s the company raised about $6.75 million.
As of March 31, Stellar had $5.96 million in cash and cash equivalents. The company lost $861,010 during the second quarter. Stellar shares closed July 7 at $3.69.
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