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NEWTON, Mass. - Biotechnology company Clinical Data Inc. said Monday it has agreed to sell 1.5 million shares of stock to affiliates of Chairman Randal Kirk for $25 million.
| CLDA | 8.24 |  0.24 |
The company said the affiliates have agreed to buy the stake for $16.44 per share, matching Friday's closing price. Clinical Data said it will use the proceeds from the sale for general working capital purposes.
The buyers will have the option to buy an additional 757,461 shares at the same price. The company had 21.1 million shares outstanding as of June 13, 2008.
The stock slipped in afternoon trading, falling 13 cents to $16.31.
NAME_Timothy F. Geithner AGE-BIRTH DATE-LOCATION-47; August 18, 1961, New York City.
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