Antigenics to exchange shares for $8.05 million of 5.25% convertibles

By Marisa Wong

Madison, Wis., Dec. 29 - Antigenics Inc. entered into a securities purchase agreement on Tuesday with Ingalls & Snyder Value Partners LP, holder of $8,047,000 of Antigenics' 5.25% convertible senior notes due February 2025, according to an 8-K filing with the Securities and Exchange Commission.

Under the agreement, Antigenics will issue 7.5 million common shares in exchange for cancellation of the 5.25% convertible notes, including accrued and unpaid interest.

The issuer also entered into an eighth amendment of rights agreement with majority holder Ingalls to amend its senior secured convertible notes issued on Oct. 30, 2006. The amendment agreement altered the definition of an event of default under the 2006 notes to exclude the redemption and repurchase of the bonds in exchange for common shares and excludes the issuance of common stock in connection with the securities purchase agreement from the definition of a dilutive issuance.

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

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