DENVER, Sept. 21 /PRNewswire-FirstCall/ -- Myogen, Inc. (Nasdaq: MYOG)
today announced the completion of its previously announced underwritten public
offering of 4,675,082 shares of newly issued common stock and the exercise by
the underwriters of their over-allotment option to purchase an additional
701,262 shares of common stock, all at $23.25 per share before underwriting
discounts and commissions.
The Company intends to use the net proceeds of approximately $116.4
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.
These shares were 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. Printed copies of the
prospectus supplement and base prospectus relating to the offering may be
obtained 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.
Safe Harbor Statement
This press release contains forward-looking statements that involve
significant risks and uncertainties, including the statements relating to the
development of the Company's product candidates. 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.
Among other things, the projected completion of any of the Company's
clinical trials and the dissemination of the results of the clinical trials
may be affected by difficulties or delays, including difficulties or delays in
patient enrollment, patient treatment, data collection or data analysis. In
addition, the Company's results may be affected by its effectiveness at
managing its financial resources, its ability to successfully develop and
market its current products, difficulties or delays in manufacturing its
products, and regulatory developments involving current and future products.
Delays in clinical trials, whether caused by competition, adverse events,
patient enrollment rates, regulatory issues or other factors, could adversely
affect the company's financial position and prospects. Results from earlier
clinical trials are not necessarily predictive of future clinical results. If
the Company's product candidates 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 the Company'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 product from the market. 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 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
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Related links:
http://www.sec.gov
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations
of Myogen, +1-303-464-3986, derek.cole@myogen.com
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