PLANTATION, Fla., Nov. 3 /PRNewswire-FirstCall/ -- Viragen, Inc. (Amex:
VRA; VRA.U) today announced the Company completed an underwritten public
offering of 72,004,951 Units at a price to the public of $.26 per Unit,
which includes 5,004,951 Units purchased to cover over-allotments. The
Units trade on the American Stock Exchange under the trading symbol
"VRA.U", and each Unit consists of one share of common stock and one
warrant to purchase one share of common stock, exercisable at a price of
$.31 per share.
This offering raised gross proceeds of approximately $18.7 million, and
after fees and expenses, Viragen received approximately $17.0 million. The
Company intends to use the net proceeds for the following: redemption of
preferred stock inclusive of payment of dividends for both the Company and
its majority-owned subsidiary, Viragen International, Inc. (OTC Bulletin
Board: VGNI); quarterly interest payments on the outstanding balance of
certain promissory notes; principal payments on certain outstanding
debentures, research and development activities; sales and marketing
activities; administrative expenses; and working capital needs.
Dawson James Securities, Inc., a healthcare & biotechnology investment
banking firm, acted as the underwriter for the offering. The offering was
made only by means of a prospectus, and copies of the final prospectus may
be obtained from: Dawson James Securities, Prospectus Department, 925 South
Federal Highway, Boca Raton, FL 33432, Phone: (561) 391-5555; or on the
Securities and Exchange Commission's (SEC) website at: http://www.sec.gov.
A registration statement relating to these securities has been filed
and declared effective by the SEC. This press release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
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) 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 Company's 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.
 back to top
Related links:
http://www.viragen.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010426/HSTH018LOGO-b
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Douglas Calder, Director of Communications,
of Viragen, Inc., +1-954-233-8746, or Fax: +1-954-233-1414,
dcalder@viragen.com
|
