By Sheri Kasprzak
New York, March 21 - Viragen, Inc. said it closed a private placement for $5,215,000.
The company sold 52,150 units of one series J cumulative convertible preferred share and 80 warrants for one common share each.
The 24% preferreds are convertible into common shares at $1.25 each. The conversion price is a 112% premium to the company's closing stock price of $0.59 on March 21.
The warrants are exercisable at $1.25 each for five years.
Dawson James Securities was the placement agent.
Proceeds will be used for drug research and development plans, regulatory strategies and international marketing for the company's Multiferon product for malignant melanoma.
Based in Plantation, Fla., Viragen develops treatments for viral diseases and cancers.
| Issuer: | Viragen, Inc.
|
| Issue: | Units of one series J convertible preferred share and 80 warrants
|
| Amount: | $5,2150,000
|
| Units: | 52,150
|
| Price: | $100.00
|
| Dividends: | 24%
|
| Conversion price: | $1.25
|
| Warrants: | For 80 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Placement agent: | Dawson James Securities
|
| Settlement date: | March 21
|
| Stock symbol: | AMEX: VRA
|
| Stock price: | $0.59 at close March 21
|
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