Viragen exchanges $9.2 million in convertible notes, debentures for stock

By Sheri Kasprzak

New York, March 20 - Viragen, Inc. said it has exchanged $9.2 million in convertible notes and debentures for stock.

Seven of the company's institutional investors exchanged their holdings for stock in an effort to bring Viragen back into compliance with American Stock Exchange listing rules.

The exchange was conducted on the basis of one share of common stock for every $0.10 per share of outstanding notes and debentures. In all, 93 million common shares were issued in the exchange.

The company needed stockholders' equity to exceed the $6 million minimum required for continued listing on Amex.

Viragen, based in Plantation, Fla., develops therapeutic proteins used to treat cancer and viral diseases.

On Tuesday, the company's stock fell 80%, or 8 cents, to end at $0.02 (Amex: VRA).

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