Biotechnical firm Aeolus Pharmaceuticals has announced private placement financing worth of 3.2 million dollars after reaching definitive agreements with accredited investors.

Under the purchase agreement, Aeolus is set to issue an aggregate of 12,900,000 common stock shares at a price per $0.25 share. All proceeds from this agreement are intended for working capital and general corporate purposes with main focus on the development AEOL 10150 for the pulmonary effects of acute radiation syndromes.

On the other hand, Ladenburg Thalmann & Co. Inc. served as the exclusive placement agent under the agreement in which companies in association with life sciences investment firm BVF Partners LP are included.