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Halsey Drug

Executive Summary

Nets proceeds of approximately $19.6 mil. through private offering to Galen Partners III, LP and other security holders of the company in an aggregate principal of $20.8 mil. Proceeds have been allotted to pay "a substantial portion" of the generic drug firm's liabilities and accounts payable, including the company's bank indebtedness of approximately $3 mil. Halsey expects to be left with working capital of approximately $3 mil. It is also discussing with a financial institution a possible $5 mil. line of credit. The debentures and warrants issued in the offering, plus an option for the investment group to invest an additional $5 mil., are convertible to approximately 55% of the company's outstanding stock on a fully diluted basis...
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