>>BOSTON--(BUSINESS WIRE)--July 12, 2004--GlycoGenesys, Inc. (Nasdaq: GLGS - News), a biotechnology company developing carbohydrate-based drugs, today announced that it has entered into definitive agreements to close on gross proceeds of $5,000,000 from institutions in exchange for issuance of 10,000,000 shares of common stock at $.50 and warrants to purchase 8,000,000 shares of common stock at $1.00.
The Company intends to use the proceeds from this transaction for funding its ongoing Phase I dose escalation monotherapy clinical trial for GCS-100LE, initiating a planned Phase I/II dose ranging clinical trial in multiple myleoma at the Dana Farber Cancer Institute (planned later this year), increases in staffing levels and working capital for general corporate purposes.
The securities being sold have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States, except pursuant to an applicable exemption from the Securities Act registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy common stock, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. This press release is being issued pursuant to Rule 135c under the Securities Act. <<
snip
Pity they had to do this after the lawsuits were announced. Those warrants will cap her for a while, I reckon, absent strong news.
Cheers, Tuck |
