By Sheri Kasprzak
New York, March 7 - Immune Response Corp. said it settled an $8 million private placement of convertible notes.
The notes are due Jan. 1, 2008, bear interest at 8% annually and are convertible into a total of 400 million shares at $0.02 each.
The investors received warrants for 1.2 billion shares, exercisable at $0.02 each. The warrants expire in two tranches with the final tranche expiring 160 days after a registration statement filed with the Securities and Exchange Commission is declared effective.
Spencer Trask Ventures, Inc. was the placement agent.
Based in Carlsbad, Calif., Immune Response is a biopharmaceutical company focused on immune-based therapies for HIV and multiple sclerosis.
| Issuer: | Immune Response Corp.
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| Issue: | Convertible notes
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| Amount: | $8 million
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| Maturity: | Jan. 1, 2008
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| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
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| Conversion price: | $0.02
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| Conversion ratio: | Into 400 million shares
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| Warrants: | For 1.2 billion
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| Warrant expiration: | In two tranches with the last expiring 160 days after a registration statement is declared effective
|
| Warrant strike price: | $0.02
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| Placement agent: | Spencer Trask Ventures, Inc.
|
| Settlement date: | March 7
|
| Stock symbol: | OTCBB: IMNR
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| Stock price: | $0.24 at close March 7
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