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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Medgenics(Regs) | LSE:MEDG | London | Ordinary Share | COM SHS USD0.0001 (REGS) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 302.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMEDG RNS Number : 4356R Medgenics Inc 24 August 2010 Medgenics, Inc. ("Medgenics" or the "Company") Proposed New Convertible Debenture Issue Misgav, Israel and London, UK - 24 August 2010 - Medgenics (AIM: MEDG and MEDU), the company that has developed a novel technology for the manufacture and delivery of therapeutic proteins continuously in patients using their own tissue, is seeking to raise additional funds to finance further advances with its Phase I/II clinical trial for its product EPODURE (for the treatment of anaemia) and to initiate steps towards the launch of a Phase I/II trial for its product INFRADURE (for the treatment of hepatitis-C), through the sale of $1-3 million of new convertible debentures. The new convertible debentures will be unsecured obligations of the Company, will accrue interest at 4% per annum and will mature and become repayable 12 months from the date of issuance. Holders of such debentures may convert them anytime into shares of common stock, $0.0001 par value per share ("Common Stock"), at a conversion price of 13p. The debentures will automatically convert upon an underwritten public offering of Common Stock raising at least $6 million and resulting in the Common Stock being listed on a U.S. national securities exchange or automated quotation system (a "US Listing"), at a conversion price equal to the lesser of 13p and 75% of the public offering price of the Common Stock in such underwritten public offering. Purchasers of these new convertible debentures will receive warrants to purchase a number of shares of Common Stock equal to 75% of the number of shares of Common Stock into which the debentures convert. Such warrants will be immediately exercisable, have a 5 year term and have an exercise price of 16p. If a further issuance of securities is made by the Company at a lower price, both the conversion price of the debentures and the exercise price of the warrants will be subject to downward adjustment to such lower issue price and, if such issuance takes place prior to a US Listing occurring, the number of warrants held by each warrantholder will be increased to maintain the aggregate exercise price of his original warrants. Any Common Stock issued upon conversion of the debentures and exercise of the warrants will be deemed restricted stock under U.S. securities laws and cannot be sold or transferred unless subsequently registered under such laws or an exemption from the registration requirements is available. No application will be made for the debentures or the warrants to be admitted to trading on the AIM market of the London Stock Exchange or any other stock exchange. This new series of convertible debentures will be offered and sold in a private placement transaction only (i) in the USA to "accredited investors" as such term is defined in Regulation D promulgated under the United States Securities Act of 1933, as amended, who have already been contacted by the Company and (ii) in the UK to investment professionals and other persons to whom such an offer may lawfully be made under the Financial Services and Markets Act 2000 and associated regulations. The Company expects the fundraising to close during the first two weeks of September and will make a further announcement upon such closing. This announcement is being made for regulatory purposes and no offer or sale of securities is being made by, or should be construed as a result of, this announcement. For further information, contact: +-----------------------------------------+--------------------------+ | Medgenics, Inc. | Phone: +972 4 902 8900 | | Dr. Andrew L. Pearlman | | | | | +-----------------------------------------+--------------------------+ | Religare Capital Markets (Nominated | Phone: +44 207 444 0800 | | Adviser) | | | James Pinner | | | Derek Crowhurst | | | | | +-----------------------------------------+--------------------------+ | SVS Securities plc (Joint Broker) | Phone: +44 207 638 5600 | | Ian Callaway | | | | | +-----------------------------------------+--------------------------+ | Nomura Code Securities PLC (Joint | Phone: +44 207 776 1219 | | Broker) | | +-----------------------------------------+--------------------------+ Notes to Editors: About Medgenics: Medgenics is a commercial-stage biopharmaceutical company developing its unique tissue-based Biopump platform technology to provide sustained-action protein therapy for the treatment of a range of chronic diseases. The first revenue generating commercial deal with a well known multinational pharmaceutical company was negotiated in late 2009 and we look forward to generating additional deals to further commercialise the Biopump platform technology. Biopumps are made using needle biopsies taken from the lower layer of the patient's skin under local anaesthetic, and processed during 10-14 days to become 30 mm long tissue biofactories producing the required protein. The requisite number of Biopumps are injected under the patient's skin to provide sustained protein production and delivery for many months. The Company is developing the Biopump to provide substantially greater safety and reliability in protein treatment in a more cost effective manner than experienced with the existing injected protein therapies. Medgenics currently has three products in development based on this technology and addressing the indications of: - anaemia - using EPODURE, a Biopump producing erythropoietin (EPO) - hepatitis-C - using INFRADURE - a Biopump producing interferon-alpha (IFN-a) - haemophilia - using a Biopump to produce clotting Factor VIII The Company's Phase I/II clinical trial using EPODURE to treat anaemia in patients with chronic kidney disease, has demonstrated proof of concept of the Biopump. Designed to produce and deliver a therapeutic dose of EPO steadily for six months or more, EPODURE Biopumps have already provided effective anaemia treatment in patients for 6-12 months, even at the low administered dose. Medgenics intends to develop its innovative products and bring them to market via multiple strategic partnerships with major pharmaceutical and/or medical device companies. In addition to treatments for anaemia, hepatitis-C, and haemophilia, Medgenics plans to develop and/or out-license a pipeline of future Biopump products targeting the large and rapidly growing global protein therapy market, which is forecast to reach US $95 billion by the end of 2010. Other potential applications of Biopumps producing various proteins include multiple sclerosis, arthritis, paediatric growth hormone deficiency, obesity, and diabetes. This information is provided by RNS The company news service from the London Stock Exchange END MSCSEMFMSFSSEFA
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