How much can the lawsuit be worth if they are doing this
IGEN Completes a $30 Million Equity Financing
GAITHERSBURG, Md., Dec. 12 /PRNewswire/ -- IGEN International, Inc. (Nasdaq: IGEN - news), owner of the proprietary ORIGEN® technology platform for biological detection, announced today that it has completed a $30 million private placement financing under which it sold a total of 1,018,808 shares of common stock to Acqua Wellington Private Placement Fund, Ltd. and Acqua Wellington Opportunity I Limited. Acqua Wellington targets investment opportunities among mid-cap and small-cap publicly traded companies in domestic and global markets with a primary focus in the technology and life science sectors. Acqua Wellington's investment horizon is typically 12 to 24 months.
``This financing enhances our ability to continue advancing our business plan and maximizing shareholder value from all of the opportunities before us,'' said Samuel J. Wohlstadter, Chief Executive Officer of IGEN. ``We are pleased that a premier investor recognizes our progress and future prospects. These proceeds also enhance the Company's prospects for favorably resolving in the near-term, the lawsuit against Roche, either through completion of the litigation or through ongoing settlement negotiations.''
The Company plans to use the proceeds from this financing to advance its product programs, fund research and development, provide working capital, and for general corporate purposes, including funding costs associated with the litigation against Roche Diagnostics. The Company may also use some of the proceeds to acquire or invest in businesses, products, or technologies complementary to its own.
The common shares have not been registered under the Securities Act of 1933, as amended, or any state securities or blue sky laws and may not be offered or sold in the United States or in any state thereof absent registration or an applicable exemption from the registration requirements of such laws. As part of this transaction, IGEN signed a registration rights agreement under which it will register the shares of common stock issued. This press release shall not constitute an offer to sell or the solicitation of an offer to buy common stock of IGEN. |
