Antigenics agrees to issue stock for $12.4 million 5.25% convertibles

By Jennifer Chiou

New York, June 4 - Antigenics Inc. entered into an agreement with Tang Capital Partners, LP on Wednesday to issue 4,028,838 of its shares in exchange for $12,442,000 of its 5.25% senior convertible notes due February 2025, according to an 8-K filing with the Securities and Exchange Commission.

The company said it will cancel the acquired notes.

Antigenics also said it entered into an agreement with Ingalls & Synder Value Partners LP, the majority holder of the convertibles issued on Oct. 30, 2006, to amend the definition of an event of default under the notes to exclude the redemption and repurchase of up to an additional $12.5 million of the notes.

The agreement also modified certain anti-dilutive rights of the holders of the notes upon the issue and sale of certain new securities up to the amount expended in the additional repurchase of the 5.25% convertibles.

New York-based Antigenics develops treatments for cancers, infectious diseases and autoimmune disorders.

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