DENVER, Sept. 27 /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, today announced that it has entered into definitive
purchase agreements for a $60 million private placement of newly issued shares
of common stock and the concurrent issuance of warrants for the purchase of
additional shares of common stock to institutional and accredited investors.
The financing is expected to close on September 29, 2004.
The Company intends to use net proceeds from the financing to continue the
development of enoximone, ambrisentan and darusentan and the Company's
research program, to prepare for the potential commercial launch of enoximone
and ambrisentan and for working capital and general corporate purposes.
At closing, the Company will issue 9.2 million shares of common stock at a
price of $6.525 per share, together with warrants to purchase up to
1.8 million additional shares of common stock at an exercise price of
$7.80 per share. Investors in the offering included previous Myogen
stockholders New Enterprise Associates, InterWest Partners, Perseus-Soros
Biopharmaceutical Fund and Sequel Venture Partners, as well as several new
investors. CIBC World Markets and Lazard Freres & Co. LLC acted as joint
placement agents for the transaction.
"We are gratified by the support and confidence our new and existing
investors have expressed in Myogen's product pipeline, management and business
strategy with this financing," said J. William Freytag, President and Chief
Executive Officer of Myogen. "We look forward to continuing to execute on a
strategy we believe will enhance the long-term growth of the company and value
for our stockholders."
The shares of common stock sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or state securities
laws and may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission ("SEC") or an applicable exemption
from the registration requirements. The shares were offered and sold only to
institutional and accredited investors. The Company has agreed to file a
registration statement with the SEC covering resale of the common stock issued
in the private placement.
This news release is not an offer to sell or the solicitation of an offer
to buy the shares of common stock of the Company.
About Myogen
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 chronic heart
failure, 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 our website at http://www.myogen.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve
significant risks and uncertainties, including those discussed in this release
and others that can be found in the "Risk Factors" section of Myogen's Annual
Report on Form 10-K for the year ended December 31, 2003 and in Myogen's
periodic reports on Form 10-Q and Form 8-K. Myogen is providing this
information as of the date of this release and does not undertake any
obligation to update any forward-looking statements contained in this document
as a result of new information, future events or otherwise.
The Company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. No
forward-looking statement can be guaranteed and actual events and results may
differ materially from those projected. 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. The Company's results may be affected by its effectiveness at
managing its financial resources, its ability to successfully develop and
market current and new products, difficulties or delays in its clinical
trials, difficulties or delays in manufacturing its products, and regulatory
developments involving current and future products. Delays in clinical
trials, whether caused by 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.
SOURCE Myogen, Inc.
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Related links:
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations,
+1-303-464-3986, derek.cole@myogen.com, or Joseph L. Turner,
Chief Financial Officer, +1-303-464-5222, joe.turner@myogen.com,
both of Myogen, Inc.
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