HHGP. More good news. this stock is going to really bust loose one day soon. They made $10/share on this warrant exercise for a cool 8 million. ALLP is at $12.50 /share. Russ
Wednesday February 9, 5:14 pm Eastern Time
Company Press Release
Harris & Harris Group Exercises Warrant and Converts Note of Alliance Pharmaceutical
NEW YORK--(BUSINESS WIRE)--February 9, 2000--Harris & Harris Group, Inc. announced today that it has exercised a warrant to purchase 200,000 common shares of Alliance Pharmaceutical Corp. (NASDAQ National Market System: ALLP) (www.allp.com) for $490,000. The exercise price was $2.45 per share, and the warrant had an expiration date of 5/20/04. Harris & Harris Group also converted its $1,200,000 note due 5/20/02 into 600,000 common shares of Alliance Pharmaceutical. The conversion price was $2.00 per share. Harris & Harris Group now owns 800,000 common shares of Alliance Pharmaceutical at a cost of $1,692,000 or $2.12 per share. Harris & Harris Group had acquired the warrant and the note from Alliance for $1,202,000 in May of 1999.
Alliance Pharmaceutical is a pharmaceutical research and development company with two products based on perfluorochemical technologies in late-stage clinical development: Oxygent(TM) (perflubron emulsion), an intravascular oxygen carrier (''blood substitute'') and LiquiVent® (neat perflubron), an intrapulmonary ''liquid ventilation'' agent. In addition, Alliance has a new drug application (NDA) with the FDA for Imagent®, an intravenous ultrasound contrast agent that has been co-developed with Schering AG, Germany. Alliance also has retained certain rights to its PulmoSpheres® technology for use in respiratory drug delivery and owns shares in Inhale Therapeutic Systems, Inc. (NASDAQ: INHL - news) that Alliance received in the sale of its PulmoSpheres® particle and processing technology to Inhale in October of 1999. And Alliance is developing FloGel®, a thermo-reversible gel technology for reduction of adhesion formation.
Alliance Pharmaceutical was founded by Harris & Harris Group and was Harris & Harris Group's first private equity investment.
Harris & Harris Group is a Business Development Company with 9,240,831 common shares issued and outstanding.
Detailed information about Harris & Harris Group and its holdings can be found on its Web Site on the Internet at hhgp.com.
This press release may contain statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly.
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