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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (3503)	6/10/2003 4:34:57 PM
From: tuck	Read Replies (2) \| Respond to of 4974

>>BALTIMORE, June 10 /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc. (Nasdaq: GLFD - News) announced today that it intends to raise approximately $50 million through an offering of five-year subordinated notes that will be convertible into shares of Guilford's common stock, subject to market and other conditions. The interest rate, conversion price and offering price are to be determined by negotiations between Guilford and the initial purchasers of the notes. The Company may raise up to an additional $7.5 million upon exercise of an option granted to the initial purchasers in connection with the offering. The Company expects to use up to $10 million of the net proceeds of the transaction to concurrently repurchase shares of the Company's common stock sold short by certain purchasers of the notes. The rest of the net proceeds will go toward general corporate purposes, including working capital and potential acquisition of products or technologies through licensing arrangements.<< snip, emphasis mine Now that's being upfront about it. Wow. Cheers, Tuck