By Sheri Kasprzak
New York, Jan. 12 - Monogram Biosciences, Inc. is gearing up to close a private placement of zero-coupon senior unsecured convertible notes in principal of $30 million for proceeds of $22.542 million.
The notes, due 2026, are priced at 75 and are initially convertible into 396.8254 shares per $1,000 in principal. The conversion price is $2.52.
Once the registration statement is effective, Monogram may cause all or a portion of the notes to automatically convert if its stock trades above $3.15 for 20 of 30 consecutive trading days.
After Dec. 31, 2009, Monogram may redeem the notes in whole or part at par plus interest.
Proceeds will be used for the commercialization of HIV and oncology assays, working capital and general corporate purposes.
Based in South San Francisco, Calif., Monogram develops treatments for cancer and other diseases.
| Issuer: | Monogram Biosciences, Inc.
|
| Issue: | Senior unsecured convertible notes
|
| Amount: | $30 million
|
| Proceeds: | $22.542 million
|
| Maturity: | 2026
|
| Coupon: | 0%
|
| Price: | 75
|
| Conversion price: | $2.52
|
| Conversion ratio: | 396.8254 shares per $1,000 in principal
|
| Call: | May cause notes to automatically convert if, after registration statement is effective, stock trades above $3.15 for 20 of 30 consecutive trading days. May redeem notes after Dec. 31, 2009 at par plus interest
|
| Warrants: | No
|
| Settlement date: | Jan. 12
|
| Stock symbol: | Nasdaq: MGRM
|
| Stock price: | $1.68 at close Jan. 11
|
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