Creative BioMolecules Repurchases Convertible Preferred Financing.HOPKINTON, Mass.--(BW HealthWire)--May 10, 1999-- Creative BioMolecules This page aims to list articles on Wikipedia that describe particular biomolecules or types of biomolecules. This list is not necessarily complete or up to date - if you see an article that should be here but isn't (or one that shouldn't be here but is), please update the page , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBMI CBMI Christian Blind Mission International (Australia) CBMI Content Based Multimedia Indexing CBMI Commercial Building Mold Inspector ) today announced that it has repurchased, for approximately $22.5 million, the outstanding balance of the Series 1998/A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. issued on May 27, 1998. As a result of this transaction, the Series 1998/A Preferred Stock has been retired and there will be no subsequent conversions into Common Stock. "Following the sale of OP-1 device manufacturing rights and assets to Stryker in November 1998 and subsequent financial management, the Company has substantially reduced its burn rate and increased its available cash. As a result, we are in a position to repurchase this instrument and eliminate future conversions at low stock prices, while maintaining an adequate cash balance to execute our corporate strategy," commented Michael M. Tarnow, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Creative BioMolecules. Following the repurchase, Creative has $28 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . The Company has projected a net loss of approximately $9 million for the remaining three quarters of 1999. Hambrecht & Quist LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control assisted the Company in consideration of this repurchase. Creative BioMolecules, Inc. is a leader in the understanding of tissue formation and repair through the activity of morphogenic proteins. This technology has demonstrated clinical success in bone-repair applications developed with Stryker, and has shown preclinical efficacy in several soft tissue applications, including injury or disease of the central nervous system, kidneys and other major organs. This news release includes forward-looking statements that involve risks and uncertainties. Factors which could cause actual results to differ from the Company's expectations include, without limitation, the course of the research and development programs, including the achievement of development milestones by the Company and/or its partner, the inability to partner programs, the initiation, progress and completion of clinical testing, the impact of competitive products, the timely receipt of regulatory clearances required for clinical testing, manufacturing and marketing of products and the other risks and uncertainties detailed from time to time in the Company's periodic reports. NOTE: Creative BioMolecules, Inc. makes available its latest news releases on the Internet at http://www.creativebio.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion