NeoRx Corp. has repurchased $7 million principal amount of its$8.2 million par value 9.75 percent convertible subordinateddebentures in exchange for 1.74 million shares of commonstock.
The Seattle company, a developer of monoclonal antibody-based products to treat and detect cancer, has 18.7 millionshares outstanding after the transaction.
The repurchase will reduce NeoRx's annual interest paymentsby $680,000, leaving it with $1.2 million principal amount ofdebentures outstanding and costing $117,000 in annualinterest payments. The company hopes to repurchase theremaining debentures.
The repurchase also increases stockholders' equity on thebalance sheet by $6.6 million, the company said on Thursday.
NeoRx stock (NASDAQ:NERX) closed unchanged on Thursday at$3.63.
Biomerica Inc. is seeking to enter into a joint venture orlicensing agreement to develop its patent covering a liposomalallergy treatment, the company said last week. The therapyinvolves the use of a liposome in combination with an allergenthat causes an IgE mediated allergy. Biomerica (NASDAQ:BMRA)of Newport Beach, Calif., received U.S. patent No. 5,049,390 onSept. 17.
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