Human Genome Sciences Raises $100 Million from Private Offering
Human Genome Sciences Inc. (Rockville, MD) announced the private placement of $100 million principal amount of 5.5% Convertible Subordinated Notes due 2006. The notes are convertible into Human Genome Sciences Common Stock at a price equal to $52.20 per share, subject to adjustment in certain circumstances.
Human Genome Sciences plans to use the offering proceeds for:
- Expansion of clinical trial programs now underway for two novel proteins, Myeloid Progenitor Inhibitory Factor-1 (MPIF-1) and Keratinocyte Growth Factor -2 (KGF-2).
- Initiation of pre-clinical and clinical trial programs to evaluate additional protein- and gene-based drugs.
- Expansion of HGS' Functional Genomics program.
- Enhancement of ongoing research and development efforts.
- The pursuit of patent coverage for genes and proteins including HGS' currently filed patent applications that describe more than 6,300 newly discovered human genes.
- Operation and expansion of the new process development and manufacturing facility.
- General corporate purposes.
Human Genome Sciences develops pharmaceutical products to predict, prevent, detect, treat, and cure disease based on its understanding of human and microbial genes.
For more information: William A. Haseltine, CEO, Human Genome Sciences, 9410 Key West Ave., Rockville, MD 20850-3338. Tel: 301-309-8504. Fax: 301-309-8512.
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