Paradigm Genetics files $75 mln debt, pfd, stock shelf

By Peter Heap

New York, Oct. 1 - Paradigm Genetics, Inc. filed a shelf registration for up to $75 million of debt securities, preferred stock, common stock and warrants with the Securities and Exchange Commission Monday. The Research Triangle Park, N.C. biotechnology company said the preferred stock and debt securities may be issued as convertibles.

Proceeds from the securities sales will be used for general corporate purposes, including internal discovery and development programs and the development of new technologies, general working capital and possible future acquisitions, Paradigm Genetics said.

For the six months ended June 30, 2001, earnings failed to cover fixed charges by $8.59 million compared to $18.74 million for all of 2000.

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