Alpha 1 Biomedicals Inc. said Thursday that it raised almost$11 million through the exercise of about 1.1 million class Bwarrants before the March 9 redemption deadline.
The Bethesda, Md., company (NASDAQ:ALBM) said the revenuewill be used for adding staff members; initiating additionalclinical trials with Thymosin alpha 1 for treatment of hepatitisand AIDS; launching more clinical trials by its 50 percent-owned joint partner, Viral Technologies Inc., for the use ofHGP-30 as an AIDS vaccine and/or therapeutic; and increasingmanufacturing capacity for Thymosin alpha 1 and HGP-30.
Upon paying the $10 exercise price, class B warrant holdersreceived one share of common stock and one class C warrant, afour-year warrant that entitles holders to purchase one shareof common stock at $19 per share.
The class C warrant is redeemable after Feb. 28, 1994, at 10cents per warrant if the average closing price the the commonstock exceeds $25 for 20 consecutive business days. TheNASDAQ symbol of the class C warrants is ALBML.
Alpha 1's stock closed Thursday at $11.75 a share, up 50 cents.
Thymosisn alpha 1 is in clinical trials for treatment of chronichepatitis B, chronic hepatitis C and AIDS.
(c) 1997 American Health Consultants. All rights reserved.