Viragen Announces Closing of Secondary Unit Offering
04 11월 2006 - 7:15AM
PR Newswire (US)
PLANTATION, Fla., Nov. 3 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA; VRA.U) today announced the Company completed an
underwritten public offering of 72,004,951 Units at a price to the
public of $.26 per Unit, which includes 5,004,951 Units purchased
to cover over-allotments. The Units trade on the American Stock
Exchange under the trading symbol "VRA.U", and each Unit consists
of one share of common stock and one warrant to purchase one share
of common stock, exercisable at a price of $.31 per share. This
offering raised gross proceeds of approximately $18.7 million, and
after fees and expenses, Viragen received approximately $17.0
million. The Company intends to use the net proceeds for the
following: redemption of preferred stock inclusive of payment of
dividends for both the Company and its materially-owned subsidiary,
Viragen International, Inc. (OTC:VGNI) (BULLETIN BOARD: VGNI) ;
quarterly interest payments on the outstanding balance of certain
promissory notes; principal payments on certain outstanding
debentures, research and development activities; sales and
marketing activities; administrative expenses; and working capital
needs. Dawson James Securities, Inc., a healthcare &
biotechnology investment banking firm, acted as the underwriter for
the offering. The offering was made only by means of a prospectus,
and copies of the final prospectus may be obtained from: Dawson
James Securities, Prospectus Department, 925 South Federal Highway,
Boca Raton, FL 33432, Phone: (561) 391-5555; or on the Securities
and Exchange Commission's (SEC) website at: http://www.sec.gov/. A
registration statement relating to these securities has been filed
and declared effective by the SEC. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. About Viragen,
Inc.: With international operations in the U.S., Scotland and
Sweden, we are a bio-pharmaceutical company engaged in the
research, development, manufacture and commercialization of
therapeutic proteins for the treatment of cancers and viral
diseases. Our product and product candidate portfolio includes:
Multiferon(R) (multi-subtype, human alpha interferon) uniquely
positioned in valuable niche indications, such as high-risk
malignant melanoma, other niche cancer indications and selected
infectious diseases; VG101, a humanized monoclonal antibody that
binds selectively to an antigen over-expressed on Stage IV
malignant melanoma tumors; and VG102, a highly novel humanized
monoclonal antibody that binds selectively to an antigen that is
over- expressed on nearly all solid tumors. We are also pioneering
the development of the OVA(TM) System (Avian Transgenics), with the
renowned Roslin Institute, the creators of "Dolly the Sheep," as a
revolutionary manufacturing platform for the large-scale, efficient
and economical production of human therapeutic proteins and
antibodies, by expressing these products in the egg whites of
transgenic hens. For more information, please visit:
http://www.viragen.com/ Viragen, Inc. Corporate Contact: Douglas
Calder, Director of Communications Phone: (954) 233-8746; Fax:
(954) 233-1414 E-mail: The foregoing press announcement contains
forward-looking statements that can be identified by such
terminology such as "believes," "expects," "potential," "plans,"
"suggests," "may," "should," "could," "intends," or similar
expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results to be materially different from any future results,
performance or achievements expressed or implied by such
statements. In particular, management's expectations regarding
future research, development and/or commercial results could be
affected by, among other things, uncertainties relating to clinical
trials and product development; availability of future financing;
unexpected regulatory delays or government regulation generally;
the Company's ability to obtain or maintain patent and other
proprietary intellectual property protection; and competition in
general. Forward-looking statements speak only as to the date they
are made. The Company does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.
http://www.newscom.com/cgi-bin/prnh/20010426/HSTH018LOGO-b
http://photoarchive.ap.org/ DATASOURCE: Viragen, Inc. CONTACT:
Douglas Calder, Director of Communications, of Viragen, Inc.,
+1-954-233-8746, or Fax: +1-954-233-1414, Web site:
http://www.viragen.com/
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