NEW YORK, Feb. 10 (GenomeWeb News) - Orchid BioSciences today said that it has converted all of its outstanding convertible preferred stock into common stock as the first step in a broader effort to restructure its capital position.
As a result of the preferred stock conversion, Orchid had around 94.7 million common shares outstanding as of Feb. 9.
Paul Kelly, CEO of Orchid, said the stock conversion is the "initial phase" of the company's capital restructuring effort, which is also expected to include a reverse stock split and the raising of additional capital.
The company re-affirmed that it expects top-line revenues of around $50 million for the full year 2003, and said it expects its 2003 year-end cash balance to be around $10 million, $1 million of which is connected to the $3.45 million purchase price that Tepnel paid to Orchid for its diagnostics unit in January.
The company will release its fourth-quarter and full-year 2003 financial results on Feb. 26.