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 materially-owned subsidiary, Viragen International, Inc. (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:
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.
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