ExonHit issues 1.04 million shares in full bond conversion

By Jennifer Chiou

New York, Jan. 5 - ExonHit Therapeutics announced the conversion of all its convertible bonds with attached warrants.

The company said it issued 1,041,848 new shares for a €300 million-plus increase in capital.

ExonHit said it also issued new warrants for 208,370 shares.

"Increasing our stockholders' equity while decreasing our liabilities, this operation allows us to begin 2006 with a very strong balance sheet," management board president Bruno Tocqué said in a news release.

"This conversion highlights the strong confidence that our bond holders have in ExonHit's future prospects."

Bondholders had 90 days following the company's Nov. 17 initial public offering to convert their holdings into shares with attached warrants, using the IPO price as the conversion price.

ExonHit said it has 23,014,963 outstanding shares.

Paris-based ExonHit is a biotechnology company focused on the analysis of alternative RNA splicing and the development of therapeutics for neurodegenerative diseases and cancer.

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