outstanding convertible notes with certain existing debt holders.
As a result, the amount of outstanding convertible notes is
unchanged, but now consists of two tranches: $85 million of 0.25%
convertible notes due 2011 and $85 million of 5.00% convertible
notes due 2015.
-- Holders of the 2011 notes may convert those notes at a conversion
price of approximately $21.63 per share. Holders of the 2015 notes
may convert their notes into shares of InterMune common stock at a
conversion price of approximately $18.88 per share, which is subject
to decrease in certain circumstances.
-- The debt restructuring effectively extended the maturity date of $85
million of InterMune's total $170 million of outstanding convertible
notes by four years with relatively modest dilution.
For additional information regarding InterMune's debt exchange, please refer to InterMune's Reports on Form 8-K filed on June 10, 2008 and June 24, 2008.
Guidance for 2008 Operating Expenses
InterMune today reiterated its guidance with respect to operating expenses in 2008.
For the year ending December 31, 2008, R&D expense is anticipated to be in a range of approximately $100 to $110 million, net of development cost reimbursements under the Roche collaboration. G&A expense is anticipated to be in a range of approximately $25 to $30 million.
Key Development Program Milestones - Next Six Months
InterMune today noted the upcoming milestones expected during the next
six months on its key development programs.
CAPACITY Program in IPF:
-- InterMune expects to announce top-line results of its Phase 3
CAPACITY program in IPF in January of 2009.
-- If Shionogi's jNDA is approved, Shionogi has announced that it would
launch pirfenidone in Japan i
|SOURCE InterMune, Inc.|
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