VaxGen buys back some more 5.5% convertibles

By Devika Patel

Knoxville, Tenn., July 24 - VaxGen, Inc. said in an 8-K filed Thursday with the Securities and Exchange Commission it has agreed to repurchase its 5.5% convertible senior subordinated notes due April 2010.

The notes were sold to QVT Fund LP, Quintessence Fund LP and Deutsche Bank AG London.

VaxGen will pay $1.35 million for the $1.65 million in notes sold to QVT, plus accrued interest of $28,468.15.

It will pay $154,980 for the $189,000 in notes sold to Quintessence, plus accrued interest of $3,262.88.

And it will pay $132,840 for the $162,000 in notes sold to Deutsche Bank, plus accrued interest of $2,796.75.

VaxGen is a Brisbane, Calif., biopharmaceutical company.

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