March 21, 2010 (FinancialWire) — Prolor Biotech, Inc., (OTCBB: PBTH), a company developing next generation biobetter therapeutic proteins, said it has raised $24.4 million in a private placement of 10,382,975 shares of its common stock, par value $0.00001 per share, to accredited investors at a price of $2.35 per share.

The sale price represents a roughly 17% discount to the average closing price of the firm’s common stock for the 30-day period prior to closing.

Jefferies & Co. served as lead placement agent on the transaction.

Israel-based Prolor Biotech is a biopharmaceutical company applying various technologies, including its patented CTP technology, primarily to develop longer-acting, biobetter, proprietary versions of already approved therapeutic proteins.

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