Printer Friendly

RIBI IMMUNOCHEM'S RISING STOCK PRICE TRIGGERS S.R. ONE WARRANT EXERCISE

 RIBI IMMUNOCHEM'S RISING STOCK PRICE
 TRIGGERS S.R. ONE WARRANT EXERCISE
 HAMILTON, Mont., Jan. 30 /PRNewswire/ -- Ribi ImmunoChem Research Inc. (NASDAQ: RIBI) announced today the exercise of warrants for 94,647 shares of its common stock at $5 per share by S.R. One Limited, the venture capital investment subsidiary of SmithKline Beecham.
 In addition to the equity arrangement with S.R. One, Ribi ImmunoChem agreed in May 1991 to supply SmithKline Beecham with adjuvants for the development and potential commercialization of certain human and veterinary prophylactic infectious disease vaccines.
 S.R. One received the warrants as part of a private placement arrangement in June 1990. S.R. One purchased 283,941 shares of Ribi ImmunoChem common stock for an investment of $1 million and received warrants to purchase 283,941 shares at $5 per share. The current warrant exercise is a result of Ribi's common stock achieving an average price level of $8 per share for a specified period as stipulated in the 1990 private placement agreement. S.R. One previously exercised warrants for 189,294 shares at $5 per share as a result of Ribi's common stock achieving average price levels of $6 and $7 per share for specified periods of time. In December 1991, S.R. One also elected to exercise warrants acquired in May 1991 to purchase 300,000 shares, providing Ribi ImmunoChem with a capital contribution of $1.1 million.
 The warrant exercise raises S.R. One's direct holding in Ribi ImmunoChem to approximately 8 percent of the company's outstanding shares. S.R. One purchased an additional 566,667 units of stock and warrants for an investment of $1.7 million in May 1991. If S.R. One exercises all its warrants, its capital contribution to Ribi ImmunoChem will total approximately $6.3 million, and it will hold approximately 10 percent of the company's then outstanding shares.
 "We are pleased that Ribi ImmunoChem's current market valuation has enabled the warrant exercise and accompanying cash infusion by S.R. One," said Robert E. Ivy, chief executive officer, president and chairman of Ribi ImmunoChem. "As recently announced, Ribi ImmunoChem has entered its MELACINE(R) melanoma theraccine into controlled Phase III clinical testing. This additional funding enhances our working capital position, including the ability to pursue in an aggressive fashion the clinical testing necessary to bring our products to market."
 S.R. One, a $100-million fund, provides financing and management assistance to young, high-potential, innovative health-care and biomedical research companies.
 Ribi ImmunoChem Research Inc., a biopharmaceutical company founded in 1981, is a leader in the development of immunostimulants for use in preventing and treating human and animal diseases.
 -0- 1/30/92
 /CONTACT: Vern D. Child or Jeffrey S. McDowell of Ribi ImmunoChem Research, 406-363-6214/
 (RIBI) CO: Ribi ImmunoChem Research Inc.; S.R. One; SmithKline Beecham ST: Montana IN: MTC SU:


SC -- SE002 -- 5082 01/30/92 08:58 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 30, 1992
Words:482
Previous Article:UNION TEXAS PETROLEUM REPORTS $333 MILLION IN NET INCOME FOR 1991
Next Article:JOHNSON & JOHNSON ANNOUNCES RECORD YEAR-END RESULTS
Topics:


Related Articles
RIBI IMMUNOCHEM NAMES MEDICAL DIRECTOR, CREATES NEW PRODUCT DEVELOPMENT DIVISION
RIBI IMMUNOCHEM EXPANDS COMMERCIAL RELATIONSHIP WITH SMITHKLINE BEECHAM BY PROVIDING ADJUVANTS FOR IMPORTANT GROUP OF BACTERIAL VACCINES
CORTEX EXTENDS CLASS A, CLASS B AND CLASS C WARRANTS
RIBI IMMUNOCHEM REPORTS 1994 FIRST QUARTER FINANCIAL RESULTS
RIBI IMMUNOCHEM REPORTS RESULTS OF ANNUAL MEETING
ARONEX PHARMACEUTICALS, INC. REPORTS NOTICE OF WARRANT REDEMPTION
RIBI CANCER VACCINE ADJUVANT TECHNOLOGY REFERENCED IN FOUR PRESENTATIONS AT CANCER IMMUNOTHERAPY MEETING
RIBI, CANTAB COMPLETE MPL OPTION AGREEMENT COVERING THERAPEUTIC VACCINE FOR GENITAL WARTS
QMED ANNOUNCES $2 MILLION FINANCING FROM SMITHKLINE BEECHAM'S VENTURE AFFILIATE
Ribi ImmunoChem Research, Inc. Announces Corporate Web Site.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters