American Biogenetic Sciences Inc. will redeem on Nov. 14 itsoutstanding class A warrants to purchase common stock, thecompany said Wednesday. Prior to that time, each warrant maybe exercised to purchase for $3 one share of common stock(NASDAQ:MABX) and one class B warrant.
The class B warrant will be exercisable for one share ofcommon at $4.50.
Unexercised warrants will be redeemed by the Notre Dame,Ind., company for 5 cents each. ABS is developing monoclonalantibody-based products to diagnose, prevent and treatcardiovascular disease and for diagnosing Alzheimer's disease.The stock closed at $6.56, down 19 cents, on Wednesday.
The $50,000 grant from the National Institutes of Health willsupport further characterization of the Nova compounds thatblock receptors for kainate and AMPA in the nervous system.The receptors have been implicated in the two widespreadneurologic disorders.
The Baltimore-based company (NASDAQ:NOVX) has identifiedcompounds that block the receptors, which receive messagesfrom excitatory amino acid neurotransmitters, and is workingto synthesize additional blockers.
Nova has applied for patents on the compounds.
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