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Press Release: Sheffield Pharmaceuticals receives $2.5 M of additional funding.
Sheffield Pharmaceuticals Inc (Sheffield) has received a total of $2.5 M of additional funding in separate transactions with two of its largest shareholders. Of this total, Elan Corp plc contributed $2 M and Zambon Group SpA contributed the other $500,000. For its part of this funding, Elan exercised a portion of a warrant that it had received in Jun 1998 and purchased 495,000 shares of Sheffield's common stock at $2/share. Sheffield received $1 M in proceeds as a result of the exercise of this warrant. Separately, Sheffield received an additional $1 M by amending its Aug 2001 loan from a subsidiary of Elan. In addition, the loan was amended to extend the original repayment …
