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4:20 PM EDT Thursday
Viragen financing may raise $15M
John T. Fakler
Shareholders approved an equity financing deal Wednesday for Plantation biotech Viragen (Amex: VRA) , increasing the number of authorized shares from 250 million to 700 million.
The financing is expected to raise about $15 million.
Viragen President Robert Salisbury presided over the special proxy meeting held at the Renaissance Plantation Hotel. Former Chief Executive Officer Gerald Smith, who still serves on the board, was in attendance, but did not answer shareholder questions.
Salisbury said the company needed the financing to continue operating. In response to shareholders' questions, Salisbury said Viragen stopped production of its Multiferon due to a lack of funding, but could continue again in 30 days. He also said there was no Food and Drug Administration approval expected for the product.
Salisbury conceded the increase in the number of shares would likely hurt the value of current shares, which closed Wednesday at 27 cents.
"We had hoped to come up with a financing arrangement that was less dilutive," Salisbury said. "But we couldn't."
Just prior to the meeting, Viragen said it named C. Richard Stafford to its board of directors. Stafford was a vice president in charge of mergers and acquisitions for Carter-Wallace, a former New York Stock Exchange-listed international drug, diagnostics and toiletries company.
In February, Viragen, with no commercial sales and a deficit in excess of $96 million after 21 years in business, said its senior management team had agreed to accept 20 percent of its compensation in the form of Viragen common stock in lieu of cash.
"They cut out the cash [salaries]," said Boca Raton shareholder Milton Handis. "And they still attract quality people like [Stafford]."
Another elderly, unidentified shareholder was less impressed: "They better come up with something, or it's time to get out."
Shares closed down 3 cents to 24 cents. The 52-week low was 5 cents on April 9. The 52-week high was 72 cents on June 28.
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