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Non-Tech : Enamelon (ENML) - Does anyone follow this? -- Ignore unavailable to you. Want to Upgrade?

To: Mel Spivak who wrote (748)	12/21/1998 1:16:00 PM
From: chester lee	Read Replies (1) \| Respond to of 863

Thread, Enamelon, Inc Announces Issuance of 6% Series B Convertible Preferred Stock YONKERS, N.Y.--(BUSINESS WIRE)--Dec. 21, 1998--Enamelon, Inc. (Nasdaq: ENML - news), which is using its proprietary ''remineralization'' technology to develop over the-counter oral care products to rebuild and renew tooth enamel to help stop cavities before they begin, today announced that is has completed the private placement of 500 shares of Series B Convertible Preferred Stock to two institutional investors and received proceeds of $5,000,000. Each share of Series B Convertible Preferred Stock has a stated value of $10,000, plus an accrual amount equal to 6% per annum. After February 28, 1999, the investors may convert the Preferred Stock into common stock at the lower of a fixed price determined by reference to the market price of the common stock prior to that date or a variable price determined at the time of conversion. Promethean Investment Group, L.L.C., a New York based fund management group, advised the investors and participated in the transaction. The Company has the right to require the investors to convert under certain circumstances and, at certain prices, the Company may elect to redeem any preferred shares that are presented for conversion. Investors are also required to convert their Preferred Stock after three years. This is a preferred convertible deal that will definitely dilute the current shares outstanding. Today's announcement explains the recent strength and price action. Now that the news is out, I can only guess that the price will start to retrace downward. chester