PLANTATION, Fla., April 16 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA; VRA.U; VRA.WS) today announced the completion of a $3 million
private placement Unit offering to an investment fund managed by RAB
Capital plc, a London-based institutional investor with approximately $5.24
billion of assets under management.
After fees and expenses, Viragen received approximately $2.9 million in
net proceeds, which are intended for use to continue funding its
manufacturing, licensing, and regulatory programs for Multiferon(R), as
well as support its drug candidate research and development plans and
general working capital purposes.
The $3 million private placement offering consisted of 30,000 Units,
priced at $100 per Unit, with each Unit consisting of one share of Series K
cumulative convertible preferred stock and five-year warrants to purchase
500 shares of common stock at a price of $0.10 per share. The convertible
preferred shares: have a dividend of 18% per annum payable quarterly; are
redeemable at the option of the investor or the Company under certain
conditions; and are convertible into Viragen common stock at $0.10 per
share.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offering, solicitation or sale would be unlawful. The securities
offered in the private placement to the investors were not registered under
the Securities Act of 1933 as amended (the "Act"), and may not be offered
or sold in the United States absent registration, or an applicable
exemption from registration, under the Act. Complete terms of this private
placement will be available in a Form 8-K to be filed with the Securities
and Exchange Commission.
About RAB Capital plc:
RAB Capital is a London-based absolute return investment management
company. RAB Capital was founded in 1999, and floated on AIM (the London
Stock Exchange's market for smaller growing companies) in March 2004. As of
December 31, 2006, RAB Capital had $5.24 billion of assets under
management. RAB Capital is a constituent of the FTSE AIM UK 50 Index, has a
market cap of approximately $1 billion and won the prestigious Management
Firm of the Year award at the 2006 EuroHedge awards. For further
information on RAB, please visit: http://www.rabcap.com
About Viragen, Inc.:
With international operations in the U.S., Scotland and Sweden, we are
a bio-pharmaceutical company engaged in the research, development,
manufacture and commercialization of therapeutic proteins for the treatment
of cancers and viral diseases. Our product and product candidate portfolio
includes: Multiferon(R) (multi-subtype, human alpha interferon) which is
uniquely positioned in valuable niche indications, such as high-risk
malignant melanoma, other niche cancer indications and selected infectious
diseases; VG101, a humanized monoclonal antibody that binds selectively to
an antigen over-expressed on Stage IV malignant melanoma tumors; and VG102,
a highly novel humanized monoclonal antibody that binds selectively to an
antigen that is over-expressed on nearly all solid tumors. We are also
pioneering the development of the OVA(TM) System (Avian Transgenics), with
the renowned Roslin Institute, the creators of "Dolly the Sheep", as a
revolutionary manufacturing platform for the large-scale, efficient and
economical production of human therapeutic proteins and antibodies, by
expressing these products in the egg whites of transgenic hens.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements
that can be identified by such terminology such as "believes," "expects,"
"potential," "plans," "suggests," "may," "should," "could," "intends," or
similar expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results to be materially different from any future results, performance or
achievements expressed or implied by such statements. In particular,
management's expectations regarding future research, development and/or
commercial results could be affected by, among other things, uncertainties
relating to clinical trials and product development; availability of future
financing; unexpected regulatory delays or government regulation generally;
the success of third- party marketing efforts; our ability to retain
third-party distributors; our ability to obtain or maintain patent and
other proprietary intellectual property protection; and competition in
general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements are made.
SOURCE Viragen, Inc.
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Related links:
http://www.viragen.com
http://www.rabcap.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20070416/CLM023
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Douglas Calder, Director of Communications of
Viragen, Inc., +1-954-233-8746, Fax: +1-954-233-1414,
dcalder@viragen.com
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