Advanced Magnetics, Inc. Announces Closing of $13.8 Million Registered Direct Sale of Common Stock and Warrants
June 01 2005 - 12:54PM
PR Newswire (US)
Advanced Magnetics, Inc. Announces Closing of $13.8 Million
Registered Direct Sale of Common Stock and Warrants CAMBRIDGE,
Mass., June 1 /PRNewswire-FirstCall/ -- Advanced Magnetics, Inc.
(AMEX:AVM) today announced that it has closed a registered direct
sale of common stock and warrant units to affiliates of Great Point
Partners, LLC of Greenwich, CT and one of Advanced Magnetics'
directors. Each unit was comprised of five (5) shares of common
stock and a warrant to purchase one (1) share of common stock. The
issue price for each unit was $47.50, and the exercise price for
each warrant is $13.00 per share. Advanced Magnetics issued and
sold a total of 1,452,625 shares of its common stock and warrants
to purchase 290,525 shares of its common stock in connection with
the transaction. The company estimates net proceeds from the
financing to be approximately $13.6 million after deducting
estimated costs associated with the offering. The proceeds from the
transaction will be used to fund clinical development programs
including continued development of ferumoxytol as an iron
replacement therapeutic and for general working capital purposes.
The securities were issued pursuant to the Company's existing shelf
registration statement on Form S-3, which has been declared
effective by the Securities and Exchange Commission. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be the sale of the securities in
any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state. About Advanced Magnetics
Advanced Magnetics, Inc. is a developer of superparamagnetic iron
oxide nanoparticles used in pharmaceutical products. As a leader in
our field, we are dedicated to the development and
commercialization of our proprietary nanoparticle technology for
use in therapeutic iron compounds to treat anemia, as well as novel
imaging agents to aid in the diagnosis of cardiovascular disease
and cancer. For more information about us, please visit our website
at http://www.advancedmagnetics.com/, the content of which is not
part of this press release. This document contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and federal securities laws. Any statements
contained in this press release that do not describe historical
fact, including statements regarding the clinical development of
ferumoxytol and our intended use of the proceeds from the financing
are forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
discussed in such forward-looking statements. Such risks and
uncertainties include the following: (1) the possibility that we
may not be able to successfully complete the clinical development
of ferumoxytol, one of our two products currently under
development, or may not be able to complete the development in a
timely manner, due to the timing of enrollment of patients in the
Phase III studies, unexpected results from our clinical sites,
inadequate performance by third-party service providers involved in
the conduct of the clinical trials, deficiencies in the design or
oversight by us of these studies, or any other factor causing a
delay in or negatively affecting the results of the clinical
studies for ferumoxytol; (2) the possibility that the results of
past ferumoxytol studies may not be replicated in future studies;
(3) uncertainties surrounding the timing and results of FDA
interactions regarding the clinical development of ferumoxytol; (4)
the possibility that we may not be able to timely or
cost-effectively resolve the questions raised by the FDA and
satisfy the conditions specified for approval of Combidex,
including the provision of additional data or the conduct of
additional clinical trials to demonstrate the efficacy of Combidex;
(5) the possibility that we may not be able to raise additional
capital on terms and on a timeframe acceptable to us, if at all;
(6) our reliance on a limited number of customers and our
dependence on our collaborative relationships; (7) uncertainties
relating to our ability to continue to operate at commercial scale
in compliance with FDA regulations and other applicable
manufacturing requirements when producing Combidex or ferumoxytol;
(8) uncertainties relating to patents and proprietary rights and
other risks identified in our Securities and Exchange Commission
filings. We caution readers not to place undue reliance on any
forward-looking statements which speak only as of the date they are
made. We disclaim any obligation to publicly update or revise any
such statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking statements.
Contact: Jerome Goldstein, CEO or Lisa Gordon, VP of Business
Development Advanced Magnetics, Inc. (617) 497-2070 DATASOURCE:
Advanced Magnetics, Inc. CONTACT: Jerome Goldstein, CEO or Lisa
Gordon, VP of Business Development both of Advanced Magnetics,
Inc., +1-617-497-2070 Web site: http://www.advancedmagnetics.com/
Copyright
Advance Magnetic (AMEX:AVM)
Historical Stock Chart
From Oct 2024 to Nov 2024
Advance Magnetic (AMEX:AVM)
Historical Stock Chart
From Nov 2023 to Nov 2024