Cygnus
This article was originally published in The Gray Sheet
Executive Summary
Proceeds of $18 mil. are raised through two offerings, including the "issuance of 8.5% fixed-rate convertible debentures for $14 mil., due June 29, 2004, with the right to sell an additional $6 mil. of debentures within the next year," and an additional $4 mil. from an equity line financing. Funds from the convertible debt, which is being managed by Palladin Group LP, will be used to redeem $12.5 mil. in existing floating rate convertible debt, which became convertible on July 1. "By establishing access to more capital through additional debentures and the equity line financing we should be able to fund certain activities in anticipation of the launch of the GlucoWatch monitor," Craig Carlson, senior VP-finance and chief financial officer comments in a July 1 release
You may also be interested in...
Beauty Packaging Producers: July Marks Registration Deadline With PRO In Three States
Companies considered producers of single-use packaging in Oregon, Colorado and California must register with Circular Action Alliance, the leading (and currently only) producer responsibility organization, by 1 July 2024 under new state recycling laws.
Metsera Launches As New Obesity Contender Flush With $290m
Clive Meanwell, former CEO of The Medicines Company, will helm the new company, backed by ARCH and other investors. He talked to Scrip about the new venture.
Deal Watch: AbbVie Teams With MedinCell On Long-Acting Injectables
Collaboration Edition: Including deals involving Evotec/Variant, Sanofi/IGM/Nurix, ABVC/OncoX and Harmony/Bioprojet, along with tech transfer agreements and deals in brief.