Wenn ich eine Wert anpreise, dann geht was...., meistens.
Gruss E.

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Genaissance Pharmaceuticals Secures $11.1 Million in Funding - Financing Package Could Total $15.4 Million -
NEW HAVEN, Conn., Oct 30, 2003 /PRNewswire-FirstCall via COMTEX/ -- Genaissance
Pharmaceuticals, Inc. (Nasdaq: GNSC) today announced that it has secured $11.1
million from two transactions with a potential for an additional investment of
$4.3 million.
RAM Trading, Ltd. ("RAM"), an affiliate of an existing investor, purchased
270,000 shares of newly-designated Series A Preferred Stock at a price of $22.50
per share, totaling approximately $6.1 million. The proceeds from the
transaction will be used for working capital and general corporate purposes.
These shares can be converted by RAM at any time into 2.7 million shares of
common stock. The preferred stock pays an annual cash dividend of 2%.
Genaissance also issued a warrant to RAM exercisable for an additional 190,000
shares of Series A Preferred Stock under the same terms until December 31, 2005.
If Genaissance's common stock price is above $4.00 for 23 consecutive business
days, RAM would be required to purchase the additional shares at a specified
time. If Genaissance sells the additional 190,000 shares, RAM's investment would
total approximately $10.4 million. In addition, Genaissance granted RAM certain
other rights, including registration rights and certain put rights that can be
exercised beginning on the third anniversary of the closing of the transaction.
Genaissance also announced that on September 30, 2003, it signed a three-year,
$5.0 million term loan with Comerica Bank. The funds from this loan were
primarily used to help repay all existing capital leases, substantially reducing
Genaissance's annual principal and interest payments.
"This funding completes the restructuring plan for our balance sheet, which we
began last year, and further helps position us financially to execute our
business plan of building the preeminent Pharmacogenetics company," said Kevin
Rakin, President and Chief Executive Officer of Genaissance Pharmaceuticals. "We
are extremely pleased by the additional support from an affiliate of one of our
significant shareholders, which we believe is a tangible expression of
confidence in our business."
Genaissance Pharmaceuticals, Inc. is a world leader in the discovery and use of
human gene variation for the development of a new generation of DNA-based
diagnostic and therapeutic products. Genaissance markets its technology,
clinical development skills and pharmacogenetic services to the pharmaceutical
industry as a complete solution for improving the development, marketing and
prescribing of drugs. Genaissance has agreements with major pharmaceutical,
diagnostic and biotechnology companies. Genaissance is headquartered in Science
Park in New Haven, Connecticut. Visit the company's website at
www.genaissance.com.This press release contains forward-looking statements, including statements
about the receipt of additional proceeds from the sale of Series A Preferred
Stock and our expected financial position. Such statements are subject to
certain factors, risks and uncertainties that may cause actual results, events
and performance to differ materially from those referred to in such statements,
including, but not limited to, the trading price of our common stock, our
expected cash proceeds, the attraction of new business and strategic partners,
the adoption of our technologies by the pharmaceutical industry, the timing and
success of clinical trials, competition from pharmaceutical, biotechnology and
diagnostics companies, the strength of our intellectual property rights, and
those risks identified in our Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on August 14, 2003, and in other filings we
make with the Securities and Exchange Commission from time to time. The
forward-looking statements contained herein represent the judgment of
Genaissance as of the date of this release. Genaissance disclaims any obligation
to update any forward-looking statement.
SOURCE Genaissance Pharmaceuticals, Inc.