VaxGen buys back some 5.5% convertibles

By Jennifer Chiou

New York, Feb. 8 - VaxGen, Inc. repurchased two of its 5.5% convertible senior subordinated notes due 2010 in agreements initiated by specific noteholders on Feb. 4, according to an 8-K filing with the Securities and Exchange Commission.

The Brisbane, Calif., biopharmaceutical company paid $750,000 plus accrued interest of $28,417 for the $1.5 million principal amount of notes.

On Feb. 6, the company entered into the second amendment to its merger agreement with Raven biotechnologies, Inc. and two wholly owned subsidiaries of VaxGen, TLW Merger Sub, Inc. and TLW, LLC.

Under the amendment, the parties decreased VaxGen's guaranteed closing cash balance to $63.2 million from $64.0 million in recognition of VaxGen's repurchase of $1.5 million of its 5.5% convertibles.

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