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PROLOR Biotech Announces $10 Million Preferred Stock Line From Members of The Frost Group
Date:7/24/2009

NES-ZIONA, Israel, July 24 /PRNewswire-FirstCall/ -- PROLOR Biotech, Inc. (OTC Bulletin Board: PBTH), formerly Modigene Inc., today announced that it has entered into stock purchase agreements with private investors to sell up to $10 million of the company's newly issued 10% cumulative convertible preferred stock at a price of $2.00 per share. As part of the agreements, the company closed on the issuance of one million preferred shares for proceeds of $2 million. The preferred stock investors include members of The Frost Group, LLC, including Dr. Phillip Frost, who is also the chairman of the board of PROLOR, and two other PROLOR directors, Dr. Jane Hsiao and Steven Rubin. In conjunction with this new agreement, PROLOR's existing line of credit agreement with The Frost Group has been terminated.

"After working closely with the PROLOR team as chairman over the past two years, I am very pleased to be expanding my investment in the company at this exciting time in its development, together with other members of The Frost Group," said Dr. Frost. "I look forward to continuing to work with the board and management to help build PROLOR into a significant player in the therapeutic proteins market."

The stock purchase agreement allows PROLOR at its sole discretion to issue up to an additional $8 million of preferred shares in one or more closings at any time before March 25, 2013. Shares issued pursuant to the agreement, including the shares of PROLOR's common stock into which the preferred shares may be converted, have not been and will not be registered under applicable securities laws and are therefore restricted securities - PROLOR has not granted any registration rights under the stock purchase agreement. Additionally, all shares acquired by the investors under this agreement are subject to a one-year lock-up. The stock purchase agre
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SOURCE PROLOR Biotech, Inc.
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