MOUNTAIN VIEW, Calif., Jan. 12 /PRNewswire/ -- Aviron (Nasdaq: AVIR),
today announced that it has received a commitment for up to $48 million in
equity financing from Acqua Wellington Asset Management LLC ("Acqua
Wellington"). These funds are available, at Aviron's discretion, over the
course of the next 12 months, at a small discount to the market. All shares of
common stock to be sold in this financing are registered under Aviron's
Registration Statement on Form S-3 (No. 333-87185).
Net proceeds from any sales will be used to fund operating costs, capital
expenditures and working capital needs, which may include costs of FluMist(TM)
regulatory filings and the manufacturing and commercialization of FluMist(TM)
in its current formulation; development of a second-generation formulation of
FluMist(TM); research and development of other pipeline products; development
of the infrastructure necessary to support these activities; and other general
corporate purposes.
"This commitment solidifies our financial position and helps the company
to focus on our critical near-term objective of submitting our Biologics
License Application for FluMist(TM)," said C. Boyd Clarke, Aviron president
and chief executive officer.
Aviron is a biopharmaceutical company based in Mountain View, California,
focused on the prevention of disease through innovative vaccine technology.
Acqua Wellington manages a family of funds targeted at investment
opportunities among mid-cap and small-cap companies in domestic and global
equity markets.
This press release contains forward-looking statements. Actual results
may differ materially from the forward-looking statements contained in this
release. Factors that could cause actual results to differ include, but are
not limited to, failure to demonstrate stability or failure to validate the
manufacturing process for the Company's nasal influenza vaccine, and the
assessment by regulatory agencies that the Company's future license
applications for its nasal influenza vaccine are incomplete or inadequate to
approve the product for marketing to one or more target populations.
Additional information concerning factors that could cause such a difference
is contained in Aviron's SEC filings, including its shelf S-3 Registration
Statement, Annual Report on Form 10-K for the year ended December 31, 1998,
and subsequent Forms 10-Q.
To receive an index and copies of recent press releases, call Aviron's
News-On-Call toll-free fax service, 800-758-5804, extension 114000.
Additional information about the company can be located at
http://www.aviron.com.
SOURCE Aviron
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Related links:
http://www.aviron.com
Company News On-Call:
http://www.prnewswire.com/comp/114000.html or fax,
800-758-5804, ext. 114000
CONTACT:
investors, John Bluth, 650-919-3716, or Fred
Kurland, 650-919-6666, or media, Karen Gilbert, 650-919-6578, all
of Aviron; or Camela Stuby of Fleishman-Hillard, 212-453-2000,
for Aviron
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