Igen
This article was originally published in The Gray Sheet
Executive Summary
Private equity financing raises $9.5 mil. for R&D and working capital. The sale of 789,075 shares to Acqua Wellington North American Equities Fund was made under a February financing agreement covering the sale of up to $60 mil. of Igen's common stock over 28 months. Separately, a pretrial hearing in the biological detection system firm's 1997 breach of contract suit against Roche Diagnostics relating to a 1992 licensing agreement has dismissed Roche's counterclaim for fraud and struck down Roche's request for punitive damages. The U.S. District Court in Maryland has set a trial date of Oct. 23 (1"The Gray Sheet" April 10, 2000, p. 22)