Finance

Biopharm company enters agreement to raise $40 million through common stock sale

Published in Biotech Business Week, December 20th, 2004

VaxGen, Inc. (VXGN) has entered into individual purchase agreements for the sale of approximately 3 million shares of its common stock at $13.25 per share through a direct offering of unregistered securities to a group of institutional investors. The transaction is expected to provide gross proceeds of $40 million.

The securities were sold pursuant to Rule 506 of the Securities Act and thus were exempt from the registration requirements of the Securities Act of 1933. The transaction is not open to additional investors.

Punk, Ziegel & Co. and Trout Capital LLC acted as placement agents for the transaction.

VaxGen, Inc. is a...

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Source: Biotech Business Week (2004-12-20)

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