By Sheri Kasprzak
New York, June 1 - Bioject Medical Technologies Inc. settled a $3 million private placement of series E convertible preferred stock.
The company sold 2,189,781 shares of the preferreds at $1.37 each.
Also, holders of $1.5 million in convertible notes issued to affiliates of Sanders Morris Harris converted their holdings into the series E preferreds at $1.37 each.
The preferreds pay an annual payment-in-kind for two years at 8% and are convertible into common stock at $1.37 per share.
Also, Bioject's shareholders approved a conversion feature for $1.25 million in debt held by Partners for Growth. The debt will now be convertible into common shares at $1.37 each.
Based in Bedminster, N.J., Bioject develops needle-free drug delivery systems.
| Issuer: | Bioject Medical Technologies Inc.
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| Issue: | Series E convertible preferred stock
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| Amount: | $3 million
|
| Shares: | 2,189,781
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| Price: | $1.37
|
| PIK: | 8%
|
| Conversion price: | $1.37
|
| Warrants: | No
|
| Settlement date: | June 1
|
| Stock symbol: | Nasdaq: BJCT
|
| Stock price: | $1.29 at close June 1
|
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