Corautus Genetics Announces Conversion of Boston Scientific Debt Into Equity
06 7월 2006 - 10:00PM
PR Newswire (US)
ATLANTA, July 6 /PRNewswire-FirstCall/ -- Corautus Genetics Inc.
(NASDAQ:VEGF), a clinical stage biopharmaceutical company dedicated
to the development of new and innovative gene therapy products for
the treatment of cardiovascular (severe angina) and peripheral
vascular disease, announced today that Boston Scientific
Corporation (NYSE:BSX) has converted its $15 million in convertible
notes payable by Corautus, plus approximately $1.6 million in
accrued interest, into Corautus equity. In exchange for
extinguishing the notes payable and interest accrued through June
30, 2006, Corautus has issued to Boston Scientific, 2,475,659
shares of Series E preferred stock with a liquidation preference of
approximately $6.71 per share. The Series E preferred is
convertible into 2,475,659 shares of Corautus' common stock. The
agreement was executed and closed on June 30, 2006. As a result of
the transaction, Boston Scientific holds shares representing 25% of
Corautus' voting securities. In the transaction Boston Scientific
also received the right to appoint a board member and a right of
first negotiation for distribution rights for future product
candidates. Richard E. Otto, President and Chief Executive Officer
of Corautus, said, "We are pleased by what we believe is a
demonstration of continued confidence in Corautus by Boston
Scientific, our development partner since July 2003 and by the
significant strengthening of our equity position that results from
this conversion of debt into equity." About Corautus Genetics
Corautus Genetics is a clinical-stage biopharmaceutical company
dedicated to the development of gene transfer therapy products for
the treatment of cardiovascular (severe angina) and peripheral
vascular disease. Corautus is developing and testing a gene therapy
product candidate using the VEGF-2 gene to promote therapeutic
angiogenesis in ischemic muscle. Corautus has a strategic alliance
with Boston Scientific Corporation to develop, commercialize and
distribute the VEGF-2 gene therapy products. For more information,
please visit http://www.corautus.com/. Forward-Looking Statements
This press release may contain forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are subject to
certain factors, risks and uncertainties that may cause actual
results, events and performances to differ materially from those
referred to in such statements. These risks include statements that
address operating performance, events or developments that we
expect or anticipate will occur in the future, such as projections
about our GENASIS clinical trial or any future trials, including
the likelihood of obtaining positive data from such trials,
potential benefits from manufacturing agreements, the potential
benefits from previous clinical trials, potential benefits from
Phase I trials we are supporting in the areas of critical limb
ischemia and diabetic neuropathy, future results of operations or
our financial condition, adequacy of funding, benefits from the
alliance with Boston Scientific, including any benefits to be
derived from converting debt into equity, research, development and
commercialization of our product candidates, anticipated trends in
our business, manufacture of sufficient and acceptable quantities
of our proposed products, approval of our product candidates,
meeting additional capital requirements, and other risks that could
cause actual results to differ materially. These risks are
discussed in Corautus Genetics Inc.'s Securities and Exchange
Commission filings, including, but not limited to, the risk factors
in Corautus' 2005 Annual Report on Form 10-K which was filed on
March 20, 2006 amended by Corautus' Form 10-Q for the period ended
March 31, 2006 which was filed on May 15, 2006. All forward-looking
statements included in this document are based on information
available to Corautus on the date hereof, and Corautus assumes no
obligation to update any such forward-looking statements. CONTACTS:
Corautus Genetics Inc. Michael K. Steele (404) 526-6212 DATASOURCE:
Corautus Genetics Inc. CONTACT: Michael K. Steele of Corautus
Genetics Inc., +1-404-526-6212, or Web site:
http://www.corautus.com/
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