NEW YORK, Feb. 10 (GenomeWeb News) - CuraGen today said that it plans to raise $75 million in a private placement of convertible subordinated notes due in 2011.
CuraGen said it would grant the initial purchaser of the notes an option to purchase up to an additional $15 million aggregate principal amount of the notes.
The company said it plans to use a portion of the net proceeds to repay its existing debt, and the remainder for working capital, general corporate purposes, and possibly for future acquisitions of complementary businesses or technologies.
CuraGen has subordinated convertible debt of $150 million due in February of 2007. The company last week reported that it held cash and investments of $343.6 million as of Dec. 31, 2003.