BioCentury
ARTICLE | Company News

Ansan, Titan deal

December 23, 1996 8:00 AM UTC

The companies signed a letter of intent providing for TTNP to invest up to $8 million in ANSN over the next two years. TTNP is ANSN's largest shareholder, owning 43 percent. The initial investment will consist of $500,000 for 125,000 shares of ANSN at $4 per share and a $1.5 million two-year promissory note convertible into common stock.

As part of the transaction, TTNP intends to make a tender offer for an undisclosed portion of ANSN's units. If successful, TTNP will own a majority of ANSN common and will have the right to maintain a majority position. Each unit consists of one share of common stock, and two warrants to purchase common shares. If the tender offer closes, the promissory note will convert into 375,000 shares of common. ...