PHILADELPHIA--(BUSINESS WIRE)--Nov. 25, 2005--Aphton Corporation (NASDAQ:APHT) announced today that the Company has closed its previously announced transaction related to the restructuring of the Company’s $20 million Senior Convertible Notes, which were issued to the holders in March and June of 2003. Under the terms of the exchange agreement, the holders surrendered the entire principal balance of $20.0 million of Senior Convertible Notes for (1) $3.0 million in cash, (2) 10,000 shares of the Company’s newly issued 0% Non-participating Series A-1 Convertible Preferred Stock with an original Stated Value of $10 million and a conversion price of $0.50 per share, and (3) 6,500,000 shares of the Company’s common stock, of which 1,500,000 shares are subject to an escrow.
