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News | November 12, 2001  Protein Sciences Announces $29 Million Financing and Restructuring of Balance Sheet Meriden, CT, November 12, 2001 - Protein Sciences Corporation (PSC) announced today the closing of a financing of more than $2 million in new equity and restructuring of its balance sheet to eliminate all $27 million in debt, security interests and preferences. Investors include existing and new investors. Dan Adams, PSC's President and CEO, commented, "We are gratified to be able to make this announcement in such a difficult financing climate. We finally have relief from the multitude of debt, security interests and antidilution protections that relate to the predecessor company but made it impossible to capitalize on our opportunities. Without the interest on debt, we would have been cash flow positive and profitable last year on a proforma basis." Mr. Adams added, "We look forward to finally being able to focus on growing our business. We are extremely grateful to the many people whose efforts and cooperation made this possible including American Home Products Corporation (our largest shareholder), Brenner, Saltzman & Wallman of New Haven, CT, who structured the very complex restructuring, Burnham Securities, Dresdner Kleinwort Benson Private Equity, our directors and stakeholders." Founded in 1983, Protein Sciences Corporation (www.proteinsciences.com) is the world leader in developing genes encoding for proteins into commercial human and veterinary vaccines, therapeutics and diagnostics using its proprietary baculovirus expression vector system (BEVS) technology that includes its patented expresSF+® serum free, high yielding, scalable insect cell line. Customers access PSC's proprietary BEVS technology through its GeneXpress® program. This allows them to obtain cGMP human and animal clinical materials more reliably, rapidly and less expensively than through alternative protein expression systems. |
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