CNCT sells 900,000 shares of ITMN - owns 149,445
Thursday November 16, 8:02 am Eastern Time
Press Release
SOURCE: Connetics Corporation
Connetics Generates $42.2 Million Through the Sale of InterMune Shares
PALO ALTO, Calif., Nov. 16 /PRNewswire/ -- Connetics Corporation (Nasdaq: CNCT - news) announced today that it has sold 900,000 shares of its holdings in InterMune Pharmaceuticals, Inc. (Nasdaq: ITMN - news). The sales, which have taken place over the last three weeks, have raised net proceeds for Connetics of approximately $42.2 million. Subsequently, Connetics owns 149,445 shares of InterMune. Connetics' holdings in InterMune are the result of spinning out the company in April 1998. Including cash balances as of September 30, 2000, Connetics has approximately $80 million in cash and cash equivalents.
``We have more than doubled our cash position and are able to invest in the growth of our business without the need for additional financings,'' said Thomas G. Wiggans, President and Chief Executive Officer. ``We are committed to our business strategy focused on revenue growth and late-stage product development. With our financial position and our commercialized products, including the recent launch of OLUX(TM), we believe we have a strong platform to build upon. We look forward to initiating clinical trials with new dermatology products and with relaxin in 2001.'' |
