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from the p.r.:
Monday October 11, 8:00 am Eastern Time
Company Press Release
Cell Pathways Closes Private Financing
HORSHAM, Pa.--(BW HealthWire)--Oct. 11, 1999--Cell Pathways, Inc. (Nasdaq: CLPA - news) today announced that the company has agreed to sell 1.555 million shares of Cell Pathways common stock at $9.00 per share for a total amount of approximately $14 million dollars. For each share purchased, the buyers also receive one warrant, expiring on December 31, 2000, that enables them to purchase an additional share of Cell Pathways common stock at $14 per share.
Janney Montgomery Scott was the placing agent for the private offering. Participants included four funds managed by Morgan Stanley Dean Witter Investment, including the Van Kampen American Value Fund; one fund managed by Miller, Anderson & Sherrerd, LLP; and two funds managed by AIG Capital Management. Also participating in the offering were previous Cell Pathways investors Vulcan Ventures, Inc., and Jackson Boulevard Capital Management.
''This financing provides additional support for our expanding clinical investigations with both Aptosyn(TM) (exisulind) and CP461,'' said Robert J. Towarnicki, Cell Pathways president and chief executive officer. ''It also provides further resources for our continuing preparations for the initial commercialization of Aptosyn(TM).''
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