Financings in Brief: International Remote Imaging Systems
This article was originally published in The Gray Sheet
Executive Summary
International Remote Imaging Systems: Corange International Limited has exercised a warrant to purchase 248,571 IRIS common shares at an aggregate price of $932,141 in cash. The deal increases Corange's stake in IRIS from 4.1% to 8.3% of outstanding shares. Corange obtained the warrant as part of an April 1994 $1.2 mil. investment in LDA Systems, which at the time had a joint development agreement with IRIS for the White Iris automated high-speed instrument for analyzing white blood cell composition. In April 1995, IRIS exercised an option to acquire all outstanding callable LDA common stock. Corange, which acquired its 4.1% share in IRIS by exchanging its LDA stock during the acquisition, holds an additional warrant to purchase 250,000 shares of IRIS stock for $7.375 per share...