ARTICLE | Financial News

ChemGenex raises $9.8M from Cephalon

October 23, 2010 12:31 AM UTC

ChemGenex Pharmaceuticals Ltd. (ASX:CXS) raised A$10 million ($9.8 million) through the sale of convertible notes to Cephalon Inc. (NASDAQ:CEPH). The notes bear 10% interest and convert at A$0.50. The note is convertible subject to shareholder approval after which Cephalon may subscribe for an additional A$5 million ($4.9 million) in notes. Cephalon also received options from ChemGenex shareholders Stragen International N.V. and Merck Sante S.A.S. to acquire up to 19.9% of ChemGenex's outstanding shares at A$0.70 per share. Cephalon was up $0.18 to $64.10 on Friday. ChemGenex gained A$0.07 (16%) to A$0.51. ...