Wednesday March 19 11:11 AM EDT
Texas Biotechnology Completes $6 Million Private Placement
HOUSTON, March 19 /PRNewswire/ -- Texas Biotechnology Corporation (TBC) (AMEX: TXB) announced today that it has raised
$6 million through a private placement of 6,000 shares of 5% Cumulative Convertible Preferred Stock to a fund managed by The
Palladin Group and a fund managed by an affiliate of Rose Glen Capital Group. The Preferred Stock is currently convertible into
approximately 1,050,000 shares of Common Stock. The amount of shares on conversion will vary depending on several factors
which include a discount from the market price of the Common Stock and date of conversion. Amy Factor of AFO Capital Advisors
represented the investors.
"This financing will provide us with additional resources to continue the development of our late-stage product, NOVASTAN(R), in
development for heparin induced thrombocytopenia (HIT) and acute myocardial infarction (AMI), as well as to further fund our
earlier-stage programs, such as the endothelin and selectin antagonists, both in Phase I clinical trials," stated David B. McWilliams,
President and Chief Executive Officer of Texas Biotechnology Corporation.
Texas Biotechnology Corporation is developing a new generation of therapeutics focused on preserving the functional integrity of the
vascular system. The Company is currently conducting late stage development of NOVASTAN, a small molecule direct thrombin
inhibitor for use in the intravenous anticoagulant market, in addition to Phase I studies of the Company's novel selectin antagonist and
endothelin-A receptor antagonist. TBC expertise in computer-aided small molecule drug design has generated important lead
compounds for the inhibition of thrombin, cell adhesion, endothelin, growth factors and programmed cell death. For additional
information, visit the Company's Internet web site at tbc.com.
This press release contains forward-looking information that is subject to certain risks, trends, and uncertainties that could cause
actual results to differ materially from those projected. Among those risks, trends, and uncertainties are attainment of research and
clinical goals of product candidates. In particular, careful consideration should be given to cautionary statements made in the various
reports Texas Biotechnology has filed with the Securities and Exchange Commission. SOURCE Texas Biotechnology Corporation
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