FREMONT, Calif., Nov. 15 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
today announced that it has entered into definitive purchase agreements for
the sale of 1.8 million shares of newly issued Common Stock to selected
institutional and other accredited investors for $75 million. The purchase
price is $42.00 per share. The shares of Common Stock have not been registered
under the Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption from
registration. Pacific Growth Equities, Inc. served as the placement agent for
this transaction.
The Company intends to use net proceeds from this 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.
Statements made in this press release about Abgenix's plans regarding use
of the net proceeds from the sale of 1.8 million shares of newly issued Common
Stock 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 which 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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