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I-Many Agrees to Private Placement for 7 Million

I-many in Edison, a provider of software solutions and services that include managing invoices, rebates and payments, entered into an agreement with institutional and other investors for the private placement of some 3.5 million units of securities for $7 millionI-many (Nasdaq: IMNY) in Edison, a provider of software solutions and services that include managing invoices, rebates and payments, entered into an agreement with institutional and other investors for the private placement of some 3.5 million units of securities for $7 million. Each securities unit includes one share of common stock and a warrant to purchase three-tenths of one share of common stock priced at $1.98 per share. I-many expects the net proceeds will be $6.6 million and will use the funds for operations and general corporate purposes. The warrants are exercisable at $2.11 or share until 2011. Shares of I-many were down $0.12 to $1.85 in morning trading.

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