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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (361)	3/24/1999 8:23:00 AM
From: Dr. John M. de Castro	Read Replies (2) \| Respond to of 1438

AMLN Private placement! Reading between the lines, I smell a floorless. We'll see when the Edgar filing appears. John de C Amylin Pharmaceuticals Raises $15 Million From Private Sale of Stock SAN DIEGO, March 24 /PRNewswire/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today announced that it has raised $15 million in a private placement of shares of Series A Preferred Stock to a select group of investors. The financing was led by $6.7 million in investments by Amylin board members and their affiliated funds. "We are pleased to announce the completion of this financing," said Joseph C. Cook, Jr., Chairman and Chief Executive Officer at Amylin Pharmaceuticals. "The proceeds of this financing, together with our continued tight fiscal management, should provide us with sufficient funds to carry on our current business operations into the first quarter of 2000, including completion and analysis of our ongoing pramlintide studies and continuation of our AC2993 (synthetic exendin-4) development program." Amylin issued 125,000 shares of Series A Preferred Stock priced at $120.00 per share. Each share is convertible into Common Stock of the Company at an initial conversion rate of 100 shares of Common Stock per share of Series A Preferred Stock. The Series A Preferred Stock will automatically be converted into Common Stock if the closing bid price of the Company's stock remains above $2.40 per share for 30 consecutive trading days. Dividends on the Series A Preferred Stock will accrue at a rate of 5% per year. Amylin has agreed to file a registration statement covering the shares of Common Stock underlying the Series A Preferred Stock.