Antigenics plans to buy back convertibles from majority holder Ingalls

By Susanna Moon

Chicago, Dec. 13 - Antigenics Inc. entered into a purchase agreement with Ingalls & Snyder Value Partners LP, holder of $8,048,000 principal amount of its 5.25% convertible senior notes due February 2025, according to an 8-K filing with the Securities and Exchange Commission.

Antigenics said it will buy back the convertibles for $6,374,337 in cash, including accrued interest.

The company also entered into another agreement on Dec. 9 with majority holder Ingalls to amend the definition of an event of default to exclude the redemption and repurchase of the bonds in exchange for the purchase price.

The convertibles were issued on Oct. 30, 2006.

Antigenics is a New York-based biotechnology company with a focus on cancers and infectious diseases.

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