March 16, 2001--Axys Pharmaceuticals, Inc. (Nasdaq: AXPH - news) announced today that Bay City Capital, acting through its funds Bay City Capital Fund I, LLC (BCC) and The North American Nutrition & Agribusiness Fund L.P. (NANAF), have acquired a total of 2,482,758 shares of Axys common stock through the exercise of options.
Those options had been granted in connection with the BCC and NANAF funding of Akkadix Corporation (Akkadix), an agricultural biotechnology company founded in June 1998 by BCC and Axys. As a result of the exercise of these options, Axys has acquired an additional 2,702,702 shares of Series A Preferred Stock of Akkadix Corporation, increasing Axys' ownership percentage in Akkadix to approximately 43.8% on a fully diluted basis. The Axys shares were issued in a private placement transaction and are subject to a Registration Rights Agreement between Axys, BCC and NANAF... |
