Sipex Announces Completion of Private Financing

April 17, 2002 by Jeff Shepard

Sipex Corp. (Billerica, MA) announced that it has completed an equity private placement with a group of investors. Under the terms of the financing, Sipex sold 3,000,000 shares of its common stock at a purchase price of $8.50 per share and the total net proceeds to Sipex were approximately $23,715,000. Sipex has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of these shares.