Lion Biotechnologies plans $100 million sale of stock and preferreds

Securities sold at $4.75, a 21.23% discount to June 2 closing price

By Devika Patel

Knoxville, Tenn., June 3 – Lion Biotechnologies, Inc. said it arranged a $100 million private placement of stock and series B convertible preferred stock.

The company will sell 9,684,000 common shares at $4.75 per share and 11,368,633 preferreds at $4.75 per preferred. The purchase price is a 21.23% discount to the June 2 closing share price of $6.03.

The preferreds will each be convertible into one common share.

Settlement is expected June 7.

The biotechnology company is based in New York.

Issuer:	Lion Biotechnologies, Inc.
Issue:	Series B convertible preferred stock, common stock
Amount:	$100 million
Price:	$4.75
Warrants:	No
Pricing date:	June 3
Settlement date:	June 7
Stock symbol:	Nasdaq: LBIO
Stock price:	$6.03 at close June 15
Market capitalization:	$402.13 million
Stock
Amount:	$45,999,000
Shares:	9,684,000
Preferreds
Amount:	$54,001,007
Preferreds:	11,368,633
Conversion rate:	Into one common share (per preferred)

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