Aphton Corporation Announces Closing of Long-Term Debt Restructuring
November 25 2005 - 8:00AM
Business Wire
Aphton Corporation (NASDAQ:APHT) announced today that the Company
has closed its previously announced transaction related to the
restructuring of the Company's $20 million Senior Convertible
Notes, which were issued to the holders in March and June of 2003.
Under the terms of the exchange agreement, the holders surrendered
the entire principal balance of $20.0 million of Senior Convertible
Notes for (1) $3.0 million in cash, (2) 10,000 shares of the
Company's newly issued 0% Non-participating Series A-1 Convertible
Preferred Stock with an original Stated Value of $10 million and a
conversion price of $0.50 per share, and (3) 6,500,000 shares of
the Company's common stock, of which 1,500,000 shares are subject
to an escrow. About Aphton Aphton Corporation, headquartered in
Philadelphia, Pennsylvania, is a clinical stage biopharmaceutical
company focused on developing targeted immunotherapies for cancer.
Aphton's products seek to empower the body's own immune system to
fight disease. Through the acquisition of Igeneon AG in March 2005,
Aphton acquired late-stage products, IGN101, a cancer vaccine
designed to induce an immune response against EpCAM-positive tumor
cells, as well as IGN311. Aphton has strategic alliances with Xoma
for treating gastrointestinal and other gastrin-sensitive cancers
using anti-gastrin monoclonal and other antibodies; and with
Daiichi Pure Chemicals for the development, manufacturing and
commercialization of gastrin-related diagnostic kits. Aphton's most
advanced product, Insegia(TM), targets the hormone, gastrin 17, in
an attempt to treat gastrointestinal cancers. Aphton is currently
seeking partners that will support the further development of
Insegia. For more information about Aphton or its programs please
visit Aphton's website at: http://www.aphton.com. Safe Harbor This
press release includes forward-looking statements, including
statements about: (1) Aphton's expectation regarding the purpose
and effectiveness of fully-humanized monoclonal antibodies, IGN101
and IGN311, and its cancer immunotherapy, Insegia; and (2) Aphton's
intent to seek partners to further support the development of
Insegia. These forward-looking statements may be affected by the
risks and uncertainties inherent in the drug development process
and in Aphton's business. This information is qualified in its
entirety by cautionary statements and risk factor disclosure
contained in Aphton's Securities and Exchange Commission filings,
including Aphton's report on Form 10-K filed with the Commission on
March 16, 2005. Aphton wishes to caution readers that certain
important factors may have affected and could in the future affect
Aphton's beliefs and expectations and could cause the actual
results to differ materially from those expressed in any
forward-looking statement made by or on behalf of Aphton. These
risk factors include, but are not limited to: (1) Aphton's ability
to find a partner who will support the further development of
Insegia; (2) Aphton's ability to fund the further development of
its research and development programs; (3) Aphton's ability to
successfully identify and consummate opportunities to broaden and
progress its research and development pipeline; (4) scientific
developments regarding immunotherapy; and 5) the actual design,
results and timing of preclinical and clinical studies for both
companies' products and product candidates.
Aphton (NASDAQ:APHT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Aphton (NASDAQ:APHT)
Historical Stock Chart
From Jul 2023 to Jul 2024