looks like nice deal
SAN DIEGO, Oct. 7 /PRNewswire/ -- Amylin Pharmaceuticals, Inc.
(Nasdaq: AMLN) today announced that it has raised $18.5 million in a private
placement of 3,700,000 shares of its Common Stock at $5.00 per share. These
funds were raised from a select group of institutional and private investors,
predominantly those investors who participated in the Company's March 1999
financing. Investors included members of the Company's board of directors
and their affiliated funds. This issuance brings the total number of
outstanding shares of Amylin Pharmaceuticals stock to 53.7 million shares.
"We are very pleased with the continued support from our major investors,"
said Joseph C. Cook, Jr., Chairman and Chief Executive Officer of Amylin
Pharmaceuticals. "The proceeds of this financing should provide us with
sufficient funds to carry on our current business into the fourth quarter of
2000, including the preparation and submission of regulatory applications for
SYMLIN(TM) (pramlintide acetate) in mid-2000, continuation of our AC2993
(synthetic exendin-4) development program. We are continuing our discussions
with prospective collaboration partners for both SYMLIN and AC2993."
Amylin Pharmaceuticals, Inc. is a development pharmaceutical company
focused on metabolic disorders, and specializing in preclinical
characterization of lead molecules and demonstration of proof of principle in
humans. The Company has pioneered research of the hormone amylin and is
developing SYMLIN(TM) (pramlintide acetate), a synthetic analog of human
amylin, for the treatment of diabetes in people using insulin. The Company
recently announced positive results from a one-year, US Phase 3 study of
SYMLIN in type 2 diabetes. The results of the Company's ongoing one-year
Phase 3, US study of SYMLIN in type 1 diabetes are planned to be reported in
the fourth quarter of this year. AC2993 (synthetic exendin-4), the Company's
second diabetes drug candidate, is being evaluated in type 2 diabetes and
related metabolic disorders. The Company has successfully completed a Phase 1
safety and tolerability trial and a clinical study of AC2993 in people with
type 2 diabetes. A Phase 2, multiple-dose study in people with type 2
diabetes is currently in progress. The Company has demonstrated that AC2993
is biologically active in animal models when administered via noninjectable
routes. The Company is currently engaged in partnership discussions for
SYMLIN and AC2993. Amylin Pharmaceuticals is headquartered in San Diego,
California. Further information on the Company and its development pipeline is
available at amylin.com. |
