FREMONT, Calif., Nov. 10 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
announced today that it is contemplating a private placement of newly issued
shares of Common Stock to institutional and other accredited investors. No
other details were provided.
The Company stated that it would use the net proceeds from any such
private placement for research and development, including clinical trials and
preclinical testing of the Company's product candidates, and for working
capital and general corporate purposes.
This news release does not constitute an offer to sell or the solicitation
of an offer to buy any securities. The Common Stock to be offered will not be
registered under the Securities Act of 1933, as amended, or applicable state
securities laws, and may not be offered or sold in the United States absent
registration under the Securities Act and applicable state securities laws or
available exemptions from such registration requirements.
Statements made in this press release about Abgenix's plans regarding a
potential future financing are forward looking statements and are subject to a
number of uncertainties that could cause actual events to differ materially
from the statements made, including risks associated with the success of
clinical trials, the progress of research and product development programs,
the regulatory approval process, competitive products, future capital
requirements and the extent and breadth of Abgenix's patent portfolio. Please
see Abgenix's public filings with the Securities and Exchange Commission for
information about risks that may affect Abgenix.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
Kurt Leutzinger, Vice President and Chief
Financial Officer of Abgenix Inc., 510-608-6575
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