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Neurochem Announces Mandatory and Full Conversion of All Oustanding Senior Subordinated Convertible Notes
Neurochem Announces Mandatory and Full Conversion of All Oustanding Senior Subordinated Convertible Notes.
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, June 18 /CNW Telbec/ - Neurochem Inc. (NASDAQ: NRMX, TSX: NRM)\nannounced today that it has given notice of mandatory conversion into common\nshares of Neurochem of the full remaining balance of the US$40 million of 5%\nsenior subordinated convertible notes (also known as "junior convertible\nnotes") issued in a private placement previously announced on May 2, 2007.\n\n\nThe notes will be converted at a conversion price equal to the lesser of\nUS$12.68 and the arithmetic average of the daily volume-weighted average\ntrading price of the common shares on NASDAQ for each of the five days in the\nfive trading day period beginning on June 15, 2007 , subject to a minimum\nconversion price of US$9.00.\n\n\nSince the closing of the private placement on May 2, 2007, US$33,644,000\naggregate principal amount of junior convertible notes have been converted\ninto 3,738,223 common shares of Neurochem Inc. at a conversion price of \nUS$9.00. Neurochem has given notice that the remaining balance of US$6,356,000\naggregate principal amount of the junior convertible notes will be converted\ninto approximately 706,222 common shares.\n\n\nThis announcement is neither an offer to sell nor a solicitation of an\noffer to buy any securities of Neurochem and shall not constitute an offer,\nsolicitation or sale in any jurisdiction in which such offer, solicitation or\nsale is unlawful.\n\n\nAbout Neurochem\n\n\nNeurochem Inc. is focused on the development and commercialization of\ninnovative therapeutics to address critical unmet medical needs. Eprodisate\n(KIACTA(TM)) is currently being developed for the treatment of Amyloid A (AA)\namyloidosis, and is under regulatory review for marketing approval by the US\nFood and Drug Administration, European Medicines Agency and Swissmedic.\nTramiprosate (ALZHEMED(TM)), for the treatment of Alzheimer's disease, has\ncompleted a Phase III clinical trial in North America and is currently in a\nPhase III clinical trial in Europe, while tramiprosate (CEREBRIL(TM)), for the\nprevention of Hemorrhagic Stroke caused by Cerebral Amyloid Angiopathy, has\ncompleted a Phase IIa clinical trial.\n\n\nTo Contact Neurochem\n\n\nFor additional information on Neurochem and its drug development\nprograms, please call the North American toll-free number 1-877-680-4500 or\nvisit our Web Site at: www.neu...