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<<Interferon Sciences Completes $7.6 Million Private Offering
NEW BRUNSWICK, N.J., Feb. 5 /PRNewswire/ -- Interferon Sciences, Inc. (Nasdaq: IFSC) announced today that it raised $7,500,000 through the sale of 7,500 shares of the Company's Series A Convertible Preferred Stock to an institutional investor.
The Preferred Stock will accrue dividends at the rate of 6% per annum, payable in cash or in Common Stock. The Preferred Stock (including unpaid dividends) is convertible into the Company's Common Stock at a price equal to the lesser of $12.50 or a discount of 5 to 15% from the weighted average trading price of the Common Stock over the 1 0 trading days prior to conversion, subject to certain adjustments. The Preferred Stock is subject to redemption at the option of the Company or the holder under certain circumstances. All of the shares of Preferred Stock must be redeemed on the third anniversary of closing.
"The private placement funds augment our working capital as we await the results of our two Phase 3 clinical trials of ALFERON N Injection(R), the Company's highly purified, natural-source, multispecies alpha interferon, for the treatment of HIV-infected and hepatitis C patients," commented Lawrence M. Gordon, Chief Executive Officer of the Company. "This financing helps solidify our financial position for the upcoming year."
Interferon Sciences, Inc. is a biopharmaceutical company engaged in the manufacture and sale of pharmaceutical products based on its highly purified, natural-source, multispecies alpha interferon. The Company's ALFERON N Injection (Interferon Alfa-n3) product has been approved by the United States Food and Drug Administration for the treatment of certain types of genital warts, and is being studied for potential use in other indications. The Company also has other natural-source alpha interferon formulations in various stages of development for the potential treatment of viral and immune system diseases.
Interferon Sciences' press releases are posted on the Company's website located at interferonsciences.com. They are also available by facsimile 24 hours per day at no charge by calling PR Newswire's Company News On-Call at 800-758-5804, ext. 445138.
The forward-looking statements contained herein reflect ISI management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements, all of which are difficult to predict and many of which are beyond the control of ISI, including, but not limited to, those risks and uncertainties detailed in ISI's periodic reports and registration statements filed with the Securities and Exchange Commission.
Interferon Sciences, Inc ... Advancing immunotherapy naturally
SOURCE Interferon Sciences, Inc.
CO: Interferon Sciences, Inc.
ST: New Jersey
IN: MTC
SU: OFR
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