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Biotechnology Business
Genta Secures Up to $40 Million Convertible Financing Facility to Fund Key Programs
June 21st, 2008
Genta Incorporated (BULLETIN BOARD: GNTA) announced that the Company has entered into definitive agreements with institutional and accredited investors to place Senior Secured Convertible Notes due 2010 totaling in aggregate up to $40 million in gross proceeds before fees and expenses. The closing of the first $20 million of Notes is expected to take place on or about June 6, 2008, subject to the satisfaction of customary closing conditions. The Notes will bear interest at an annual rate of 15% payable at quarterly intervals in stock or cash at the Company's option, and will be convertible into shares of Genta common stock at a conversion rate of 100,000 shares of...
Source: Law & Health Weekly (2008-06-21)
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