NEWTOWN, Pa.--(BUSINESS WIRE)--Dec. 21, 2005--CollaGenex Pharmaceuticals, Inc. (NASDAQ:CGPI) today announced that it has entered into definitive agreements with institutional and other investors to sell 2.9 million shares of common stock for an aggregate purchase price of $29 million. The sale price of $10.00 per share represents a 0.2% discount to the 30-day average closing price of $10.02. The transaction will close in two tranches, the second of which will be in early January. The shares are being sold under a previously filed shelf registration statement, which the Securities and Exchange Commission has declared effective.
