TGEN - Targeted Genetics Corporation Message Board

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Biotech / Medical : TGEN - Targeted Genetics Corporation

TGEN 9.240

-5.3%

3:59 PM EST

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From: Doc Bones	11/7/2006 8:14:02 AM
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7:34AM Targeted Genetics and Biogen Idec restructure debt (TGEN) 2.15 : Co announces that it has entered into a newly amended agreement with Biogen Idec (BIIB) to restructure repayment of $8.15 mln of debt. Under the terms of this amendment, BIIB has agreed to convert $5.65 mln of debt into 1 mln shares of TGEN common stock. TGEn will pay $500,000 of the remaining debt immediately and the remaining $2 mln in debt will be paid according to a new repayment schedule. As a result of the restructured relationship, BIIB's equity holdings in TTGEN will increase to 19.9% of the total outstanding common stock. finance.yahoo.com

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