Transgene raises EUR 14.3 million

Transgene (Euronext:Transgene) raised EUR 14.3 million ($18.2 million) through the conversion 3.6 million of the 4.7 million warrants issued in its July 2005 follow-on. The warrants converted into 1.8 million shares at a strike price of EUR 8.05, which is 4% below Transgene's close of EUR 8.40 on Monday, July 17, the last day the warrants could be exercised. If all the warrants had been exercised, Transgene would have raised EUR 18.7 million ($23.9 million), which is about a year's cash at the company's current spend rate (see BioCentury, July 10, 2006). ...