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Local Tech Wire

CHAPEL HILL, N.C. – , which trades its stock on the Toronto exchange, is raising some $7 million in a private stock placement.

Adherex also said it plans to raise another $14 million in two other offerings.

Southpoint Capital Advisors, the largest shareholder in Adherex, and “certain other investors” participated in the $7 million placement, the company said Tuesday.

Adherex is working on a proposed cancer drug.

Last July, the company shuffled its management team.