By Sheri Kasprzak
New York, May 8 - Monogram Biosciences, Inc. has entered into an agreement with Pfizer, Inc. for a $25 million senior secured convertible note.
The 3% note due May 19, 2010 is convertible into common shares at a 20% premium to the average closing stock price for five trading days before conversion.
Once a registration statement covering the underlying shares is declared effective, the note will automatically convert any time the stock price exceeds 150% of the conversion price for 20 of 30 consecutive trading days.
San Francisco-based Monogram develops treatments for infectious diseases and cancer.
| Issuer: | Monogram Biosciences, Inc.
|
| Issue: | Senior secured convertible note
|
| Amount: | $25 million
|
| Maturity: | May 19, 2010
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion price: | Equal to a 20% premium to the average closing stock price for the five trading days before conversion
|
| Call: | May automatically convert if stock price exceeds 150% of conversion price for 20 of 30 consecutive trading days
|
| Warrants: | No
|
| Investor: | Pfizer, Inc.
|
| Announcement date: | May 8
|
| Stock symbol: | Nasdaq: MGRM
|
| Stock price: | $1.69 at close May 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
