Bernard .. May I ask a question about VPHM ??
When these Notes are converted to Common are they able to be sold or are they Restricted?
TIA,
Ray
bizjournals.com
ViroPharma will convert debt into common stock
Wednesday July 6, 10:31 am ET
ViroPharma Inc. said Wednesday it plans to exercise its right to automatically convert the remaining $15.35 million principal amount of its convertible senior secured notes, due October 2009, into 6.14 million shares of common stock.
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The Exton, Pa., biopharmaceutical company issued $75 million of convertible senior notes in connection with its acquisition of Vancocin, a treatment of antibiotic-associated infection of the gut known as pseudomembranous colitis, from Eli Lilly & Co.
The auto-conversion will occur on July 12.
"With this final auto conversion, we will have eliminated the entirety of the 2009 convertible senior notes from our balance sheet," said Vincent Milano, the chief financial officer of ViroPharma (NASDAQ: VPHM - News).
Milano said the company has reduced its overall debt by 57 percent during the past two months. |
