THE WOODLANDS, Texas--(BUSINESS WIRE)--Feb. 23, 2006--PharmaFrontiers Corp. (OTCBB:PFTR) a company dedicated to the development and commercialization of cell therapies, announced today that its Board of Directors has approved a plan to proceed with a private placement of up to $23 million through the sale of its common stock to better position the Company for the development of its clinical programs. PharmaFrontiers plans to offer its shares of common stock at $0.50 per share. If completed, we believe that this financing will enable us to fund operations for the next two years, including the following milestones:
