Viratek Inc., a subsidiary of ICN Pharmaceuticals Inc.,announced Tuesday that H.J. Meyers & Co. Inc., therepresentative of the underwriters in the recent securitiesoffering of 1.6 million Viratek units, plans to separate out thewarrants on Thursday.
The units consist of one share of Viratek common stock and onefive-year common stock purchase warrant.
Viratek's securities trade on the American Stock Exchange; thecommon stock is listed as VRA, the units as VRAE and thewarrants as VRA.WS.
In connection with the separation of the warrants from theunits, Viratek of Costa Mesa, Calif., has called the warrants,originally scheduled to expire on Jan. 27, 1998, for redemptionat 5 cents per warrant as of Aug. 31. Each warrant allows forthe purchase of one share of Viratek common stock at $10.08until the end of business on Aug. 30.
Viratek will use the proceeds from the units and warrants tocomplete Phase III clinical trials of Virazole, its anti-viral fortreating hepatitis C. The funds will also go toward costs relatedto the trials, research and development programs for certainanti-cancer and immune-stimulatory compounds, and itsantisense pharmaceutical discovery program.
Viratek's common stock closed unchanged Tuesday at $11.63 ashare.-- Jennifer Van Brunt
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