March 27 (Reuters) - Avivagen Inc VIV.V :
* AVIVAGEN ANNOUNCES PROPOSED PRIVATE PLACEMENT OF DEBENTURES AND SHARES
* AVIVAGEN INC - INTENTION TO COMPLETE A PRIVATE PLACEMENT FINANCING OF SECURED DEBENTURES FOR GROSS PROCEEDS OF ABOUT $5 MILLION
* AVIVAGEN INC - DEBENTURES WILL BEAR INTEREST AT A RATE OF 10.0% PER ANNUM
* AVIVAGEN- ABOUT $2 MILLION OF PROCEEDS FROM OFFERING WILL BE USED BY CO TO RETIRE PRINCIPAL, INTEREST OUTSTANDING PURSUANT TO EXISTING CREDIT FACILITY