Rick -
From the PRLN Home Page/Press Releases
PARACELSIAN, INC. ANNOUNCES EXTENSION OF OUTSTANDING WARRANTS ON COMMON STOCK
ITHACA, NY, March 27, 1997-Paracelsian, Inc. (NASDAQ: PRLN) announced today that its Board of Directors has approved an extension of the warrants for Common Stock through September 6, 1998. The warrants, which were a dividend in September 1993, were scheduled to expire on September 6, 1997.
Each warrant entitles the holder to purchase one share of Common Stock at a price of $3.25. The Company can redeem the warrants if the sales price of the Common Stock exceeds $4.75 for 15 consecutive days. Any warrants not redeemed prior to September 6, 1998 will lapse.
Paracelsian is a biotechnology company engaged in the discovery of useful products from herbal sources. Its discoveries are accomplished by applying the Company's proprietary screening technology, based in signal transduction, to its library of extracts used in Traditional Chinese Medicine. |
