Tuesday, July 6, 1999
In addition to Nomura, four other institutions plus some XEN managers exercised warrants yielding the company a total of £4.2 million. Nomura announced it would not reduce its shareholding further for at least six months. XEN has a market cap of £39.7 million ($63 million).
Meanwhile, Alizyme (LSE:ALZ) fell 2.5p to 38.5p after the diabetes and obesity company said it hopes to raise £8 million ($12.7 million) through the sale of 10.9 million units. Each 74p unit is made up of 2 ordinary shares and a warrant to buy an ALZ share at 40p during the last four months of the year. Half the units are being placed with institutional and other investors, while the other half will be an open offer to qualifying shareholders on the basis of 2 units for 13 existing ordinary shares held on June 23. If all warrants are exercised, the company would land a further £4.3 million ($6.8 million). ALZ is valued at £13.7 million ($21.7 million).
New to market
On the U.S. side, VaxGen (VXGN) raised $40.3 million in its IPO, selling 3.1 million shares at $13. In May, the HIV vaccine company filed to sell the shares at $13-$15. Friday's close of $17.313 values the company at $187 million. VaxGen is conducting two Phase III trials of its Aidsvax HIV gp 120 vaccine in North America and Thailand. The company was founded in 1995 to develop the vaccine in partnership with Genentech (GNE).