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Biotech / Medical : GlycoGenesys GLGS (formerly SafeScience SAFS) -- Ignore unavailable to you. Want to Upgrade?

To: blind-geezer who wrote (34)	3/4/2005 2:58:45 PM
From: tuck	Read Replies (1) \| Respond to of 56

>>BOSTON--(BUSINESS WIRE)--March 4, 2005--GlycoGenesys, Inc. (Nasdaq: GLGS - News), a biotechnology company developing carbohydrate-based drugs, today announced that it has entered into definitive agreements to close on gross proceeds of $6,500,000 from institutions in exchange for issuance of 6,500 shares of convertible, redeemable Series D Preferred Stock, currently convertible into 6,500,000 shares of common stock, and warrants to purchase 6,500,000 shares of common stock currently at $1.23. The terms of the Series D Preferred Stock and warrants will be described in a Current Report on Form 8-K that the Company will file with the Securities and Exchange Commission. The financing will take place in two closings. In the first closing, investors will purchase $2,000,000 of Series D Preferred Stock and warrants. The second closing, for which Nasdaq rules requires receipt of shareholder approval, shall cover the remaining $4,500,000 of Series D Preferred Stock and warrants. The Company intends to use the proceeds from this transaction primarily for funding the costs of enrolling and conducting its Phase I/II dose ranging clinical trial for GCS-100LE in multiple myeloma, funding the initiation of its Phase I/II dose ranging clinical trial for GCS-100LE in chronic lymphocytic leukemia, manufacturing drug supplies of GCS-100LE for its clinical trial needs through 2005, conducting additional analytical and pre-clinical studies, paying licensing fees and working capital for general corporate purposes.<< snip I'd like to see PRW facing similar cash issues. Evil grin. I'd like to see some interim data or something aside from fiscal issues. Frown. Cheers, Tuck