Aphton (NASDAQ:APHT)
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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.