New Issue: Modigene concludes $13 million private placement of units

By Sheri Kasprzak

New York, May 21 - Modigene, Inc. settled a private placement of units for $13 million.

The company sold a total of 8,666,666 units at $1.50 each.

The units each consist of one share and one quarter-share warrant. The whole warrants are exercisable at $2.50 each for five years.

The deal closed in two tranches with the first - for $9,628,212 - closing on May 14 and the second - for $3,371,787 - closing on May 21.

Located in Vienna, Va., Modigene develops long-acting versions of approved therapeutic proteins.

Issuer:	Modigene, Inc.
Issue:	Units of one share and one quarter-share warrant
Amount:	$13 million
Units:	8,666,666
Price:	$1.50
Warrants:	One quarter-share warrant per unit
Warrant expiration:	Five years
Warrant strike price:	$2.50
Settlement date:	May 14 (for $9,628,212), May 21 (for $3,371,787)
Stock symbol:	OTCBB: MODG
Stock price:	$2.62 at close May 21

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