Antigenics buys back $11.8 million in convertibles

By Devika Patel

Knoxville, Tenn., Feb. 19 - Antigenics Inc. said it bought back $11.8 million of its convertible notes for $2.9 million in the fourth quarter of 2008.

The company recorded a gain of $8.6 million through the repurchase.

Annual interest expense will be cut by $600,000 thanks to the transactions.

New York-based Antigenics develops treatments for cancers, infectious diseases and autoimmune disorders.

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