DENVER, June 3 /PRNewswire-FirstCall/ -- Myogen, Inc. (Nasdaq: MYOG), a
biopharmaceutical company focused on the discovery, development and
commercialization of small molecule therapeutics for the treatment of
cardiovascular disorders, announced today that it filed a universal shelf
registration statement with the Securities and Exchange Commission (SEC) that,
if declared effective by the SEC, will allow Myogen to sell from time to time
up to $125 million of its common stock, preferred stock, depository shares,
debt securities or warrants. As of the date of this release, the Company has
no specific plans to offer the securities covered by the registration
statement and the Company may not offer the securities in the future pursuant
to the registration statement. The terms of any offering under the
registration statement will be established at the time of the offering.
Proceeds from the sale of any securities will be used for the purposes
described in a prospectus supplement filed at the time of an offering. The
registration statement also covers the resale of 2,500,000 shares of common
stock held by current stockholders of the Company.
The registration statement relating to the securities was filed today with
the SEC but has not yet become effective. The securities offered by the
Company pursuant to the registration statement may not be sold, nor may offers
to buy the securities be accepted prior to the time the registration statement
becomes effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction.
About Myogen
Myogen is a biopharmaceutical company focused on the discovery,
development and commercialization of small molecule therapeutics for the
treatment of cardiovascular disorders. Myogen currently markets one product
in Europe for the treatment of acute decompensated heart failure and has three
product candidates in late-stage clinical development: enoximone capsules for
the treatment of patients with advanced chronic heart failure, ambrisentan for
the treatment of patients with pulmonary arterial hypertension and darusentan
for the treatment of patients with resistant hypertension. The Company, in
collaboration with Novartis, also conducts a target and drug discovery
research program focused on the development of disease-modifying drugs for the
treatment of chronic heart failure and related cardiovascular disorders.
Please visit Myogen's website at http://www.myogen.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve
significant risks and uncertainties, including the statements relating to the
SEC declaring the registration statement effective and the Company's ability
to obtain additional funding to support its business activities. Actual
results could differ materially from those projected and Myogen cautions
investors not to place undue reliance on the forward-looking statements
contained in this release.
The registration statement may not be declared effective by the SEC and
the Company may not commence or complete an offering of the securities covered
by the registration statement. If the Company is unable to raise additional
capital when required or on acceptable terms, it may have to significantly
delay, scale back or discontinue one or more of its drug development or
discovery research programs. In addition, Myogen's results may be affected by
difficulties and delays relating to, and the results of, clinical trials of
its product candidates, including its ESSENTIAL trials of enoximone and ARIES
trials of ambrisentan, its effectiveness at managing its financial resources,
competition from other pharmaceutical and biotechnology companies, its ability
to successfully develop and market its current products and regulatory
developments involving current and future products. As of the date of this
release, Myogen and its affiliates do not have knowledge of the results of
Myogen's current clinical trials, including its ESSENTIAL trials, ARIES trials
and darusentan Phase 2b trial. If the Company's product candidates, including
enoximone and ambrisentan, do not meet safety or efficacy endpoints in
clinical evaluations, they will not receive regulatory approval and the
Company will not be able to market them. Even if Myogen's product candidates
meet safety and efficacy endpoints, regulatory authorities may not approve
them, or the Company may face post-approval problems that require the
withdrawal of its products from the market. Myogen is at an early stage of
development and may not ever have any products that generate significant
revenue.
Additional risks and uncertainties relating to Myogen and its business can
be found in the "Risk Factors" section of Myogen's Form 10-K for the year
ended December 31, 2004 and Myogen's periodic reports on Form 10-Q and Form
8-K. Myogen is providing the information contained in this release as of the
date of the release and does not undertake any obligation to update any
forward-looking statements as a result of new information, future events or
otherwise.
SOURCE Myogen, Inc.
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Related links:
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations
of Myogen, Inc., +1-303-464-3986, derek.cole@myogen.com
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