DENVER, Nov. 16 /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, announced today that it filed a universal shelf
registration statement with the Securities and Exchange Commission (SEC) that,
if declared effective by the SEC, will allow Myogen to sell, from time to
time, up to $250 million of its common stock, preferred stock, depository
shares, debt securities or warrants. As of the date of this release, the
Company has no specific plans to offer the securities covered by the
registration statement and the Company may not offer the securities in the
future pursuant to the registration statement. The terms of any offering
under the registration statement will be established at the time of the
offering. Proceeds from the sale of any securities will be used for the
purposes described in a prospectus supplement filed at the time of an
offering.
The registration statement relating to the securities was filed today with
the SEC but has not yet become effective. The securities offered by the
Company pursuant to the registration statement may not be sold, nor may offers
to buy the securities be accepted prior to the time the registration statement
becomes effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction.
About Myogen
Myogen is a biopharmaceutical company focused on the discovery,
development and commercialization of small molecule therapeutics for the
treatment of cardiovascular disorders. Myogen has two product candidates in
late-stage clinical development: ambrisentan for the treatment of patients
with pulmonary arterial hypertension and darusentan for the treatment of
patients with resistant 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 Myogen'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
SEC declaring the registration statement effective and the Company's ability
to obtain additional funding to support its business activities. Actual
results could differ materially from those projected and Myogen cautions
investors not to place undue reliance on the forward-looking statements
contained in this release.
The registration statement may not be declared effective by the SEC and
the Company may not commence or complete an offering of the securities covered
by the registration statement. 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. In addition, Myogen's results may be affected by
difficulties and delays relating to, and the results of, clinical trials of
its product candidates, including its ARIES trials of ambrisentan, its
effectiveness at managing its financial resources, competition from other
pharmaceutical and biotechnology companies, its ability to successfully
develop and market its current products and regulatory developments involving
current and future products. If the Company's product candidates, including
ambrisentan and darusentan, 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 Myogen'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 products from the market. 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 and Myogen's reports on Form 10-Q and Form
8-K. It is Myogen's policy to only update or reconfirm its public guidance by
issuing a press release or filing a periodic or current report with the
Securities and Exchange Commission. The Company generally plans to provide
guidance as part of its annual and quarterly earnings releases but reserves
the right to provide guidance at different intervals or to revise its practice
in future periods. All information in this press release is as of November
16, 2005. 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.
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Related links:
http://www.myogen.com
CONTACT:
Derek K. Cole, Director, Investor Relations
of Myogen, Inc., +1-303-464-3986, derek.cole@myogen.com
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