GERMANTOWN, Md., Oct. 16, 2017 /PRNewswire/ -- Intrexon
Corporation (NYSE: XON), a leader in the engineering and
industrialization of biology to improve the quality of life and
health of the planet, today announced that it has entered into a
Preferred Stock Equity Facility with an affiliate of Third
Security, LLC, a venture capital firm founded by Randal J. Kirk, Intrexon's Chairman and Chief
Executive Officer ("Investor"). Under the facility, Intrexon
may, at its discretion, sell to the Investor up to $100 million of newly issued Series A Redeemable
Preferred Stock. Any such preferred stock will be non-voting,
will accrue dividends of 8% per annum, and will be convertible to
common stock only following receipt of shareholder approval by the
Company, including a majority of the shares voted unaffiliated with
Mr. Kirk. Upon an approval by the Company's shareholders, the
Series A Preferred Stock will be converted into Intrexon common
stock based on a 20 Day Volume Weighted Average Price prior to the
shareholder approval.
Mr. Kirk said, "Third Security has invested in Intrexon over the
years because we believe its technology platforms hold the
potential to enable a broad array of valuable products across
multiple industry sectors. Today, as Intrexon enhances its
focus on the scale up and commercialization of the most mature of
these opportunities, including cutting-edge gene and cell
therapies, natural gas upgrading to valuable fuels and chemicals,
innovative crop protection, non-browning apples, as well as
eco-friendly self-limiting insects, I am pleased to provide access
to this capital to the company at its election to further its
already significant standing in this age of engineered
biology."
The equity facility will be available to Intrexon through
April 30, 2019. The Series A
Preferred Stock is redeemable at the election of the Company at any
time, or at the election of Third Security after December 31, 2020. Further information
regarding the equity facility can be found in Intrexon's Current
Report on Form 8-K filed today.
About Intrexon Corporation
Intrexon Corporation (NYSE: XON) is Powering the Bioindustrial
Revolution with Better DNA™ to create biologically-based products
that improve the quality of life and the health of the
planet. The Company's integrated technology suite provides
its partners across diverse markets with industrial-scale design
and development of complex biological systems delivering
unprecedented control, quality, function, and performance of living
cells. We call our synthetic biology approach Better
DNA®, and we invite you to discover more at www.dna.com
or follow us on Twitter at @Intrexon, on Facebook, and
LinkedIn.
Trademarks
Intrexon, Powering the Bioindustrial
Revolution with Better DNA, and Better DNA are trademarks of
Intrexon and/or its affiliates. Other names may be trademarks of
their respective owners.
Safe Harbor Statement
Some of the statements made in
this press release are forward-looking statements. These
forward-looking statements are based upon our current expectations
and projections about future events and generally relate to our
plans, objectives and expectations for the development of our
business. Although management believes that the plans and
objectives reflected in or suggested by these forward-looking
statements are reasonable, all forward-looking statements involve
risks and uncertainties and actual future results may be materially
different from the plans, objectives and expectations expressed in
this press release.
For more
information contact:
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Investor
Contact:
Christopher
Basta
Vice President,
Investor Relations
Tel: +1 (561)
410-7052
investors@intrexon.com
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Corporate
Contact:
Marie Rossi,
Ph.D.
Director, Technical
Communications
Tel: +1 (301)
556-9850
publicrelations@intrexon.com
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SOURCE Intrexon Corporation