Biopharmaceutical company Iomai Corp. said Monday it is going to raise about $10 million through a private placement of common shares to Essex Woodlands Health Ventures and New Enterprise Associates.

"The funding from Essex and New Enterprise gives us additional resources with which to continue our clinical programs designed to show the clinical benefits of the Iomai vaccine patch," President and Chief Executive Stanley C. Erck said in a statement.

Iomai said it has not registered the securities with the Securities and Exchange Commission, but must file a resale registration relating to the stock issued in the transaction.

Shares of Iomai fell 17 cents, or 3.1 percent, to $5.28 in midday trading on the Nasdaq. The stock has traded in a 52-week range between $2.61 and $7.03.