SAN DIEGO, April 5 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA),
today announced it has completed the sale of approximately 3.7 million newly
issued shares of common stock for gross proceeds to the Company of
approximately $11.0 million. The private placement was completed primarily
with selected institutional investors.
The Company anticipates that the net proceeds of the offering will be used
to fund product development activities, acquire additional products or
capabilities and for other general corporate purposes.
The shares of common stock have not been registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration. Trega has
agreed to register the purchased shares for sale by the investors. This press
release does not constitute an offer to sell any of these shares of common
stock.
Trega Biosciences is an information-driven company focused on accelerating
drug discovery from disease targets to clinical candidates through its
iDiscovery(TM) technologies. These technologies, comprised of
information-rich small molecule combinatorial chemistry and in vitro assays
coupled with predictive models and proprietary databases, are designed to
rapidly create novel drug candidates having greater chances of clinical
success. Trega's iDiscovery technologies span the drug discovery process,
beginning with the creation of novel compounds to the delivery of uniquely
qualified drug leads to the pharmaceutical and life science industries.
Except for the historical information contained herein, certain matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties, including whether the intended uses of the net
proceeds from the sales of 3.7 million shares of newly issued common stock
will be effective or the activities underlying them will develop, whether any
proposed product can be successfully developed and commercialized, whether
regulatory approvals can be obtained, the impact of competitive products and
pricing, the financial condition of the Company in the future, whether any
collaborations or alliances will be successful, and other risks detailed from
time to time in Trega's Securities and Exchange Commission filings. These
forward-looking statements represent Trega's judgment as of the date of this
release. Actual results may differ materially from those projected. Trega
disclaims, however, any intent or obligation to update these forward-looking
statements.
Trega's releases are on the World Wide Web at http://www.trega.com and PR
Newswire's fax-on-demand service at 1-800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
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Related links:
http://www.trega.com
Company News On-Call:
http://www.prnewswire.com/comp/374050.html or fax,
800-758-5804, ext. 374050
CONTACT:
Gerard A. Wills, Vice President, Finance &
CFO of Trega Biosciences, Inc., 858-410-6695
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