VaxGen to buy back $3 million 5.5% convertibles from Quattro Fund

By Susanna Moon

Chicago, Oct. 10 - VaxGen, Inc. entered into an agreement with Quattro Fund, Ltd. on Wednesday to repurchase its 5.5% convertible senior subordinated notes due April 2010, according to an 8-K filing with the Securities and Exchange Commission.

VaxGen said it will buy $3 million principal amount of the convertibles for $2.46 million plus accrued interest of $4,124.97, based on an assumed settlement date of Oct. 10.

The buyback was initiated by the noteholder and not the result of any solicitation by or on behalf of VaxGen, the company noted.

The Brisbane, Calif., biopharmaceutical company said it has not initiated any broader effort to repurchase or restructure its remaining notes.

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