Ciphergen Shares Slide 11 Percent After It Exchanged Debt, Cash

Nov 16, 2006

NEW YORK (GenomeWeb News) — Shares in Ciphergen were down 10.91 percent, or $.12, at $.98 in mid-afternoon trading today after the company said it finished exchanging $27.5 million worth of outstanding debt for a new series of notes worth $16.5 million, plus cash.

Ciphergen said it finished the exchange of 4.5-percent senior notes due 2008 for a new series of 7-percent convertible senior notes due 2011, together with $11 million in cash.

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