Monday September 25, 7:30 am Eastern Time
Press Release
SOURCE: Photogen Technologies, Inc.
Photogen Enters Into $40 Million Equity Line
Financing
KNOXVILLE, Tenn., Sept. 25 /PRNewswire/ -- Photogen Technologies, Inc. (Nasdaq:
PHGN - news) today announced that it has signed a $40 million equity line with Rochelle, S.A. of London, England. Under the
agreement, Rochelle will act as Photogen's exclusive placement agent and will use its best efforts to place Photogen common
stock with institutional investors outside the United States.
As part of the agreement with Rochelle, Photogen filed a ``shelf'' registration statement with the Securities and Exchange
Commission which, when declared effective, would enable the company to issue separate offerings from time to time up to $40
million of its common stock in amounts, at prices, and on terms to be determined at the time of sale.
``This financing gives the company the opportunity and ability to maximize its financial planning and to take advantage of
favorable stock prices when obtaining capital. Equally important is the company's ability to seek new funds at its sole discretion
and only when needed,'' said Dr. Taffy Williams, president and CEO of Photogen Technologies.
``Together with the company's existing capital, this additional funding will provide the company with the necessary financial
resources to aggressively continue its product development programs.'' (snip) |
