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Antares Pharma, Inc.
Pharma firm announces conversion of all outstanding shares of series A stock
August 10th, 2005
Antares Pharma, Inc., (AIS) announced that Elan Pharmaceutical Investments, Ltd., has converted 1500 shares of Antares' Series A Convertible Preferred Stock (representing all outstanding shares of Series A Convertible Preferred Stock) into 1.2 million shares of common stock at a conversion price of $1.25 per share, and that Elan has also agreed to certain lock-up provisions regarding the disposal of the newly issued shares. Other terms of the agreement were not disclosed. Commenting on this conversion, Lawrence M. Christian, VP-finance and CFO of Antares Pharma, said, "The conversion eliminates all outstanding shares of Antares' Series A Convertible...
Source: Biotech Week (2005-08-10)
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