DENVER, Sept. 16 /PRNewswire-FirstCall/ -- Myogen, Inc. (Nasdaq: MYOG)
today announced the pricing of an underwritten public offering of 4,675,082
shares of newly issued common stock at $23.25 per share before underwriting
discounts and commissions.
The Company intends to use the net proceeds of approximately $101 million
from the financing to continue the development of its product candidates and
research program, including the acceleration and expansion of the Company's
darusentan clinical development program, to prepare for the potential
commercial launch of ambrisentan and darusentan and to fund working capital
and for other general corporate purposes.
Goldman, Sachs & Co. acted as the sole book-running manager of the
offering. CIBC World Markets Corp., First Albany Capital Inc. and Lazard
Capital Markets LLC acted as co-managers of the offering. The Company has
granted the underwriters a 30-day option to purchase up to an additional
701,262 shares of common stock.
These shares will be issued pursuant to a shelf registration statement
filed with the Securities and Exchange Commission (SEC) on June 3, 2005 and
declared effective on July 8, 2005. This press release does not constitute an
offer to sell or a solicitation of an offer to buy nor will there be any sale
of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. Any offer, if at
all, will be made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement. Printed
copies of the prospectus supplement and base prospectus relating to the
offering may be obtained, when available, from Goldman, Sachs & Co.
(Attn: Prospectus Department, 85 Broad Street, New York, New York 10004,
Phone: 212-902-1000). A prospectus supplement relating to the offering has
been filed with the SEC, and is available along with the base prospectus filed
with the SEC in connection with the shelf registration, on the SEC's website
at http://www.sec.gov/.
About Myogen
Myogen has two product candidates in late-stage clinical development:
ambrisentan for the treatment of pulmonary arterial hypertension and
darusentan for the treatment of resistant systolic 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 the company's website at http://www.myogen.com. 7575 West 103rd Avenue,
#102, Westminster, Colorado 80021-5426, Phone: 303-410-6666, Fax: 303-410-6667
Safe Harbor Statement
This press release contains forward-looking statements that involve
significant risks and uncertainties, including the statements relating to the
completion of the proposed sale of common stock. Actual results could differ
materially from those projected and the company cautions investors not to
place undue reliance on the forward-looking statements contained in this
release.
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. 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 the company and its
business can be found in the "Risk Factors" section of Myogen's Form 10-K for
the year ended December 31, 2004, Myogen's periodic reports on Form 10-Q and
the Prospectus Supplement related to the proposed offering filed with the SEC
on September 16, 2005. It is Myogen's policy to only update or confirm its
public guidance by issuing a press release or filing a periodic or current
report or other publicly accessible document with the SEC. Myogen undertakes
no duty or obligation to update any forward-looking statements contained in
this release as a result of new information, future events or changes in the
Company's expectations. The Company also disclaims any duty to comment upon
or correct information that may be contained in reports published by the
investment community.
SOURCE Myogen, Inc.
 back to top
Related links:
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations
of Myogen, Inc., +1-303-464-3986, derek.cole@myogen.com
|
