Company (Symbol)
Type Of Financing
Number Of Shares, Units Or Warrants (M)
Amount Raised ($M)
Investors; Placement Agents; Details (Date)
Aastrom Biosciences Inc. (ASTM)
Convertible preferred stock and warrants
3,000 preferred shares; warrants for 0.3M shares of common stock
$3
Placement consists of $3M worth of 1999 Series III convertible preferred stock, yielding 5.5%; conversions are based on 0% to 6% discount to market price of Aastrom common stock; maximum conversion price is $2.34; in addition the undisclosed single investor received 5-year warrants to purchase 0.3M shares of common stock (6/3)
Human Genome Sciences Inc. (HGSI)
Convertible subordinated notes
$100
HGS placed $100M principal amount of 5.5% convertible subordinated notes due 2006; notes are convertible to common stock at $52.50 per share (6/22)
Inex Pharmaceutical Inc. (TSE:IEX)
Special warrants
C$12 (US$8.2)
Yorkton Securities and Goepel McDermid Inc. acted as agents in sale of special warrants, each of which is exchangeable into one common share without additional payment; proceeds to be held in trust pending final prospectus and satisfaction of related requirements (6/22)
Inflazyme Pharmaceuticals Ltd. (TSE:IZP)
Release of special warrants funds
C$15.5 (US$10.5)
Conditional listing on Toronto Stock Exchange permitted release from escrow of gross proceeds of C$15.5M from special warrants sale in May (6/28)
International Isotopes Inc. (INIS)
Private placement of units and placement of convertible preferred stock
1.04U (each unit consists of 1S and and 1W)
$19.5 ($9.5 from units, $10 from preferred convertibles)
Investors included officers, directors, previous investors and 2 investment funds; 2-part private placement consisted of placement of 1.04M units, each consisting of 1 common share (at $9.10 per share) and 1 warrant to buy a common share at $10; preferred convertible stock has 5% coupon; initial conversion price is $11.86 per share; convertibles come with 0.41M warrants to buy common stock (6/3)
Martek Biosciences Corp. (MATK)
Private placement of shares and warrants
1.5S; warrants for 0.45S
$13.5
Martek sold 1.5M shares of common stock and issued warrants to buy 0.45 shares for an aggregate purchase price of $13.5M; purchase price was $9.03 per share, reflecting 30-day price average; warrants have a 3-year term and are exercisable at $10.84; buyers are institutional investors that have previously invested in the company (6/1)
Neose Technologies Inc. (NTEC)
Private placement of common stock
1.5S
$14.25
Neose sold 1.5M shares of common stock to institutional and individual investors at $9.50 per share, the closing bid price of the stock on 6/17 (6/29)
Ophidian Pharmaceuticals Inc. (OPHD)
Senior note financing
Notes plus 1W
$2
Company director Rex Bates and shareholder Davis Merwin provided $2M in financing consisting of 10-year, 10% senior notes with warrants; interest payable in stock for the first 3 years and thereafter in cash; the company issued 1M 5-year warrants separately to the same investors, exercisable at $2 per share (notes can be applied to exercise of warrants) (6/7)
Viragen Inc. (VRGN)
Private placement
3S and additional convertible notes
$3
Subscription agreements provide for the direct purchase of Viragen common stock at market price pursuant to which Viragen will register and issue about 3M shares for 2.5M; the 3 investors may sell no more than 0.125M shares each per quarter; company also received $0.5M balance of the first tranche for which it has issued 8% convertible notes (6/14)
TOTAL: $174.0
* Conversion rate of C$1=US$0.68.