DepoMed raises $20M for Metformin, other drugs.

DepoMed Inc. raised $20 million privately and will use the funds for clinical trials of multiple products, as well as to give it muscle in partnering talks. DepoMed, of Menlo Park, Calif., sold 3.2 million shares at $2.16 to accredited investors. Investors received 3.2 million common stock warrants exercisable for five years at the same price. If all warrants were exercised, the financing would total about $26.9 million. The funds, John Hamilton, vice president and chief financial …