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Arno Therapeutics' stock tanks after discounted PIPE financing

Aug 17, 2016 - The Deal Pipeline

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 ...