Ribi ImmunoChem Research Inc. on Thursday said it has raised$473,000 through the exercise of warrants for about 95,000shares of stock at $5 per share by S.R. One Ltd.
S.R. One, the venture capital subsidiary of SmithKline Beecham,received the warrants in a June 1990 private placement. S.R.One paid $1 million for about 284,000 shares of stock andwarrants to purchase 284,000 shares at $5 a share.
The exercise of one-third of the warrants is a result of Ribi'sstock reaching an average price of $6 per share for a specifiedperiod. S.R. One is obligated to exercise the remainingwarrants if Ribi stock reaches average prices of $7 and $8 forspecified periods.
S.R. One now directly holds 8.1 percent of Ribi sharesoutstanding. In May, S.R. One paid $1.7 million to buy anadditional 567,000 units of stock and warrants.
Stock of the Hamilton, Mont.-based developer ofimmunostimulants (NASDAQ:RIBI) closed up 6 cents onThursday at $7.06.
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