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Biotech / Medical : Biotech Lock Up Expiration Hell Portfolio: Wave II
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To: tuck who wrote (79)10/29/2004 12:14:21 PM
From: tuck   of 107
 
More filings from said VC showing up today, likely keeping a lid on IMMC . . .

Meanwhile, anyone care to speculate on which Wave II stock will be the first to trade under $1? The frontrunner is XYCT:

>>SEATTLE--(BUSINESS WIRE)--Oct. 29, 2004--Xcyte Therapies, Inc. ("Xcyte") (Nasdaq:XCYT - News) announced today the pricing of a public offering of 2.6 million shares of 6% convertible exchangeable preferred stock with a liquidation preference of $10 per share. Each share of the convertible preferred stock is convertible into 4.2553 shares of Xcyte Therapies common stock based on an initial conversion price of $2.35. An annual dividend of 6% will be payable quarterly in arrears. The first dividend will be payable on February 1, 2005 and will be prorated based on the settlement date of November 3, 2004. In addition, Xcyte has granted the underwriters an option to purchase up to 390,000 additional shares to cover over-allotments, if any. All of the shares are being offered by Xcyte. The convertible exchangeable preferred stock will be listed on the Nasdaq National Market under the symbol "XCYTP" (Nasdaq:XCYTP - News).<<

snip

Not exactly the kind of deal that, say, Chiron got for its converts. Yuck. But XYCT is up 10% to $2.20.

Cheers, Tuck
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