Trega Biosciences Announces $11 Million Private Placement
SAN DIEGO, April 5 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA), today announced it has completed the sale of approximately 3.7 million newly issued shares of common stock for gross proceeds to the Company of approximately $11.0 million. The private placement was completed primarily with selected institutional investors.
The Company anticipates that the net proceeds of the offering will be used to fund product development activities, acquire additional products or capabilities and for other general corporate purposes.
The shares of common stock have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Trega has agreed to register the purchased shares for sale by the investors. This press release does not constitute an offer to sell any of these shares of common stock.
Trega Biosciences is an information-driven company focused on accelerating drug discovery from disease targets to clinical candidates through its iDiscovery(TM) technologies. These technologies, comprised of information-rich small molecule combinatorial chemistry and in vitro assays coupled with predictive models and proprietary databases, are designed to rapidly create novel drug candidates having greater chances of clinical success. Trega's iDiscovery technologies span the drug discovery process, beginning with the creation of novel compounds to the delivery of uniquely qualified drug leads to the pharmaceutical and life science industries.
Except for the historical information contained herein, certain matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including whether the intended uses of the net proceeds from the sales of 3.7 million shares of newly issued common stock will be effective or the activities underlying them will develop, whether any proposed product can be successfully developed and commercialized, whether regulatory approvals can be obtained, the impact of competitive products and pricing, the financial condition of the Company in the future, whether any collaborations or alliances will be successful, and other risks detailed from time to time in Trega's Securities and Exchange Commission filings. These forward-looking statements represent Trega's judgment as of the date of this release. Actual results may differ materially from those projected. Trega disclaims, however, any intent or obligation to update these forward-looking statements.
Trega's releases are on the World Wide Web at trega.com and PR Newswire's fax-on-demand service at 1-800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
CO: Trega Biosciences, Inc.
ST: California
IN: BIO MTC
SU:
04/05/2000 08:01 EDT prnewswire.com |
