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Deltagen Secures $10M in Equity, $5M Bridge Loan, Appoints Interim CEO

Apr 04, 2003

NEW YORK, April 4 - Existing institutional investors of Deltagen have agreed to purchase $10 million of the company's preferred stock in a private placement, Deltagen said today.

 

The same investors have committed to a bridge loan of $5 million, at an annual interest of 10 percent, that can be increased to $6 million.

 

In addition, Joseph Limber, former president and CEO of Aclara BioSciences, has become Deltagen's interim CEO and will move on to be president and CEO after the closing of the financing. Richard Hawkins, Deltagen's CFO, is expected to leave the company before the end of the month.

 

The financing will enable Deltagen to expand its product range and start new marketing and sales initiatives, according to the company. It is subject to shareholder approval and the satisfaction of certain closing conditions. Deltagen's stockholders will also be asked to approve a reverse stock split.

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