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Planet Technologies Announces Completion of Antigen Laboratories Acquisition
Date:11/9/2007

their patients.

"We also are pleased to announce that the company completed a private placement of approximately $19.9 million of its preferred stock. The financing was led by Aisling Capital, a leading private equity health care investor, which supplied capital to fund the acquisition, the prospective costs associated with the SLIT clinical development and regulatory approval program, capacity expansion at Antigen and incremental working capital," said Mr. Steube. "We look forward to continuing to execute our strategy, working closely with Aisling Capital to build our position as a market leader." When convertible, the preferred stock will be convertible into common stock at the conversion price of $2.25 per common share, subject to adjust upon the occurrence of certain events.

As part of the preferred stock financing, the company agreed to file a Form 15 with the SEC to deregister the company common stock under Section 12 of the Security Exchange Act of 1934. As a result, once filed, the company will no longer file annual or quarterly reports with the SEC and the Company's common stock will likely stop trading on the OTC Bulletin Board. The shares frequently do not trade and the average daily trading volume has recently been below the 200 shares per day at prices ranging from $1 to $5 per share. The infrequency of trading and wide fluctuation in prices has led management to believe the company would be better situated for future opportunities as a private, non-reporting company.

Concurrently with the closing of the acquisition of Antigen and preferred stock financing, Ellen Preston, Eric Freedus, H. Mac Busby, Mike Trinkle and Michael Walsh agreed to step down as directors of Planet. Tom Willoughby, the President of Antigen Laboratories, Inc., and Andrew Schiff and Brett Zbar, both affiliated with Aisling Capital were appointed to the Board of Directors. "We thank very much our former directors for their dedicated services and are pleased Tom, A
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SOURCE Planet Technologies, Inc.
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