NES-ZIONA, Israel, July 24 /PRNewswire-FirstCall/ -- PROLOR Biotech, Inc. (OTC Bulletin Board: PBTH - News), 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.
