Message #53 From:
Stock News Bot Date: March 15, 2007 04:17:00 AM
OSCI News Oscient Pharmaceuticals Files Registration Statements for Proposed Exchange Offers with Holders of its Convertible Notes and an Offering of up to $30,000,000 Principal Amount of New 3.50% Convertible Senior Notes due 2011
WALTHAM, Mass.--(BUSINESS WIRE)--Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) today announced that it has filed registration statements with the Securities and Exchange Commission relating to proposed exchange offers involving holders of its outstanding 3½% Senior Convertible Notes due 2011 and 5% Convertible Promissory Notes due 2009 and relating to the sale of additional notes for cash.
In the proposed exchange offers, Oscient intends to offer up to $185,448,000 aggregate principal amount of its new 3.50% Convertible Senior Notes due 2011 for up to all of the $152,750,000 aggregate principal amount of its currently outstanding 3½% Senior Convertible Notes due 2011 and $22,310,000 of its currently outstanding 5% Convertible Promissory Notes due 2009 (plus accrued and unpaid interest on such existing 2009 notes). In addition, the Company intends to offer for cash up to an additional $30,000,000 aggregate principal amount of new 3.50% Convertible Senior Notes due 2011.
In the registration statements, Oscient Pharmaceuticals stated that it believes the exchange offers and new money offering are important components of its plan to re-calibrate its capital structure in order to better execute the Company’s business strategy.
Piper Jaffray & Co. is serving as the dealer manager for the exchange offers and placement agent for the new money offering. Registration statements relating to these securities have been filed with the Securities and Exchange Commission but have not yet been declared effective. These securities may not be exchanged or sold, nor may offers to exchange or offers to buy them be accepted prior to the time the registration statements become effective.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. With respect to the exchange offers, the prospectus and related offer documents will, when available, be provided to all holders of our existing notes free of charge from the information agent, Georgeson Inc.,17 State Street, 10th Floor, New York, NY 10004, (888) 549-6633. With respect to the offer of new notes for cash, a copy of the prospectus, when available, may be obtained from Piper Jaffray & Co. at 345 California Street, Suite 2300, San Francisco, CA 94104, (415) 984-5141.
About Oscient Pharmaceuticals
Oscient Pharmaceuticals Corporation is a commercial-stage biopharmaceutical company marketing two FDA-approved products through its national primary care sales force. ANTARA® (fenofibrate) capsules is FDA-approved for the adjunct treatment of hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. FACTIVE® (gemifloxacin mesylate) tablets is an antibiotic FDA-approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community-acquired pneumonia of mild to moderate severity. Oscient also has a novel, late-stage antibiotic candidate, Ramoplanin, under investigation for the treatment of Clostridium difficile-associated disease (CDAD).
For important information regarding the safety and use of ANTARA and FACTIVE, please see the full prescribing information available at www.antararx.com and www.factive.com.
