HemoBioTech converts class A warrants for $5.47 million in proceeds

By Sheri Kasprzak

New York, July 17 - HemoBioTech, Inc. said the majority of its outstanding class A warrants were converted for proceeds of $5,465,397.

The company converted 5,156,035 of the warrants at $1.06 each.

Some of the warrants were converted before a redemption notice was sent to holders on June 12. The company converted a total of $2,978,992 in warrants during the subsequent 30-day redemption period.

Proceeds from the conversion will be used to upgrade the company's product facility and to prepare for an investigation new drug application for HemoTech, the company's modified bovine hemoglobin, which induces red blood cell production and carries oxygen to the blood. The remaining proceeds will be used for operations.

Dallas-based HemoBioTech develops human blood substitute technologies.

The company's stock fell by 10.34%, or 15 cents, to end the day at $1.30 (OTCBB: HMBT).

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