This article was originally published in The Gray Sheet
Executive SummaryInks agreement to sell $15 mil. in convertible zero coupon debentures to investment funds managed by Brown Simpson Asset Management, LLC and Rose Glen Capital Management, L.P., bringing total cash available to $56 mil. The securities are convertible at $10 per share at the company's option "when the common stock has traded at a certain premium to the fixed conversion price for five (5) consecutive trading days." The Menlo Park, California-based developer of therapeutic drugs and diagnostic products plans to use the proceeds to accelerate programs related to "recent discoveries in embryonic stem cell technology as well as our telomerase programs"
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