Looking good. Dilution is the price of doing business but note the conversion price. Must confess, I was a bit worried but can easily live with this deal as someone long and strong in this stellar company. A bit nervous about the conversion price being adjusted under certain circumstances and will await the actual filing. For now, I am comfortable but await other more sophisticated opinions
Affymetrix, Inc. Raises $125 Million in Convertible
Subordinated Debt Placement
SANTA CLARA, Calif., Sept. 17 /PRNewswire/ -- Affymetrix, Inc., (Nasdaq: AFFX - news) announced today the private
placement of $125 million principal amount of 5% Convertible Subordinated Notes due 2006. The Notes are convertible,
subject to adjustment in certain circumstances, into Affymetrix common stock at a price equal to $123.00 per share.
Affymetrix has agreed to file a registration statement for the resale of the Notes and the shares of common stock issuable upon
the conversion of the Notes within 90 days after the closing date. This summary of the terms and conditions of the Notes is not
intended to be a complete summary of the terms and conditions of such securities. Copies of the Notes and related documents
will be filed with SEC on a form 8-K after the closing date.
The Notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and
unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes. This press release is being
issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended.
Affymetrix has developed and intends to establish its GeneChip© system as the platform of choice for acquiring, analyzing and
managing complex genetic information in order to improve the diagnosis, monitoring and treatment of disease. The Company's
GeneChip system consists of disposable DNA probe arrays containing gene sequences on a chip, reagents for use with the
probe arrays, a scanner and other instruments to process the probe arrays and software to analyze and manage genetic
information. Additional information on Affymetrix and GeneChip technology can be found at www.affymetrix.com.
All statements in this press release that are not historical are forward- looking statements within the meaning of Section 21E of
the Securities Exchange Act as amended, including statements regarding the Company's ``expectations,' ``beliefs,' ``hopes,'
``intentions,' ``strategies' or the like. Such statements are subject to risks and uncertainties that could cause actual results to
differ materially for Affymetrix from those projected, including, but not limited to, uncertainties relating to technological
approaches, product development, manufacturing, and market acceptance, uncertainties related to cost and pricing of
Affymetrix products, dependence on collaborative partners, uncertainties relating to sole source suppliers, uncertainties relating
to FDA and other regulatory approvals, competition, risks relating to intellectual property of others and the uncertainties of
patent protection and litigation. These and other risk factors are discussed in Affymetrix' Annual Report on Form 10-K for the
year ended December 31, 1998 and 10-Q for the quarter ended June 30, 1999 and Form S-3 filed July 12, 1999, as
amended. Affymetrix expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in Affymetrix' expectations with regard thereto or any change
in events, conditions, or circumstances on which any such statements are based. Affymetrix, GeneChip and the Affymetrix logo
are registered trademarks used by Affymetrix, Inc.
SOURCE: Affymetrix, Inc. |
