CHICAGO, IL, (NAMC) – Biotechnology company Viragen, Inc (AMEX: VRA) has completed a $5.2 million private placement that was placed with both institutional and accredited investors. After expenses and fees the company received net proceeds of approximately $4.7 million.

The terms included the issuance of  52,150 Units, priced at $100 per Unit, with each Unit consisting of one share of Series J cumulative convertible preferred stock and 80 warrants to purchase one share each of common stock. The convertible preferred shares: have a dividend of 24% per annum; are redeemable by either the investor or the Company under certain conditions; and are convertible into Viragen common stock at $1.25 per share. The warrants, which expire five years from the date of issuance, are exercisable at $1.25 per share.

The placement was lead by Dawson James Securities, a healthcare & biotechnology investment banking firm.

Viragen closed at 59 cents.

Peter Farrell
Business News Correspondent
NAMC Newswire
www.namcnewswire.com

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