Arno Therapeutics' stock tanks after discounted PIPE financing
Stock in cancer treatment developer Arno Therapeutics Inc. fell more than 50% after it disclosed a $2.2 million private placement financing with funds related to high-profile investors Phillip Frost, TPG Capital's David Bonderman and others.
Arno, based in Flemington, N.J., sold 6.5 million units for 35 cents each Tuesday, Aug. 16. Each unit consisted of a common share and a five-year warrant to purchase a half-share for 43.75 cents.
The unit price was a 55% discount to where Arno's ...