By Sheri Kasprzak
New York, Sept. 11 - Biovest International, Inc. wrapped a $2 million private placement of an unsecured promissory note with warrants.
Pulaski Bank and Trust Co. bought the note, which is due Jan. 5, 2007 and bears interest at Prime rate plus 50 basis points with an initial rate of 7.75% annually.
The investor received warrants for 666,667 shares, exercisable at $1.10 each through Sept. 5, 2011.
Biovest, based in Worcester, Mass., develops treatments for non-Hodgkin's lymphoma and other cancers.
| Issuer: | Biovest International, Inc.
|
| Issue: | Unsecured promissory note
|
| Amount: | $2 million
|
| Maturity: | Jan. 5, 2007
|
| Coupon: | Prime rate plus 50 basis points
|
| Warrants: | For 666,667 shares
|
| Warrant expiration: | Sept. 5, 2011
|
| Warrant strike price: | $1.10
|
| Investor: | Pulaski Bank and Trust Co.
|
| Settlement date: | Sept. 5
|
| Stock symbol: | OTCBB: BVTI
|
| Stock price: | $1.05 at close Sept. 5
|
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