WAYNE, Pa., Sept. 13 /PRNewswire-FirstCall/ -- Encorium Group, Inc. (Nasdaq: ENCO), a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world's leading pharmaceutical and biotechnology companies, today announced that its largest stockholder, Ilari Koskelo, has exercised his basic subscription right to purchase common stock of the Company for an aggregate subscription price of $861,329, pursuant to the Company's previously announced rights offering.
In addition, in the event other holders do not fully exercise their basic subscription rights, Mr. Koskelo has exercised his oversubscription privilege to purchase up to an additional 522,812 shares of the Company's common stock for an aggregate subscription price of $914,921, subject to proration with other holders who exercise their oversubscription privilege. Mr. Koskelo and the Company have agreed to cancel the promissory notes outstanding in favor of Mr. Koskelo, in lieu of cash consideration.
Dr. Kai Lindevall, Chief Executive Officer stated, "We are extremely pleased to have received this tangible evidence of our largest stockholder's continuing confidence in the Company and in the Company's strategy."
Conference Call and Webcast
To help address investor questions relating to the rights offering and the Company' strategy moving forward, Encorium will hold a conference call and webcast on Tuesday, September 21, 2010, at 11:00 a.m. EDT. Interested parties are invited to listen to the call live over the Internet at http://www.encorium.com under News and Events or http://investor.shareholder.com/media/eventdetail.cfm?even
|SOURCE Encorium Group, Inc.|
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