Wednesday May 30, 4:05 pm Eastern Time
Press Release
SOURCE: Amylin Pharmaceuticals, Inc.
Amylin Pharmaceuticals Successfully Closes $41 Million Private Placement of Common Stock
SAN DIEGO, May 30 /PRNewswire/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN - news) today announced that it has closed its previously announced private placement for the sale of approximately 4.1 million shares of its common stock to selected institutional and private investors. The proceeds will be used primarily to provide increased support for the AC2993 (synthetic exendin-4) and AC2993 LAR development programs. The funds will also assist in the execution of plans for SYMLIN(TM) (pramlintide acetate).
The private placement included the sale of approximately 3.5 million shares of newly issued stock by the Company, and 600,000 shares by an existing stockholder. The stock was priced at $10.00 per share, for gross proceeds to the company of approximately $35 million. The company will not receive proceeds from the shares sold by the selling stockholder. Lehman Brothers acted as sole placement agent on the transaction. Following this private placement, Amylin Pharmaceuticals has a total of approximately 67 million shares outstanding.
Amylin Pharmaceuticals is engaged in the discovery, development and commercialization of drug candidates for the treatment of metabolic disorders. The Company's lead drug candidate, SYMLIN(TM) (pramlintide acetate), is currently under review by the FDA as a treatment for people with diabetes who use insulin. The New Drug Application for SYMLIN was submitted in December 2000 and was accepted for filing by the FDA in January 2001. SYMLIN is scheduled for review by the FDA's Endocrinologic and Metabolic Drugs Advisory Committee on July 26, 2001. The SYMLIN regulatory submission process for Europe is underway, with a filing expected in the second quarter of 2001. Amylin Pharmaceuticals' second diabetes drug candidate, AC2993, is in Phase 2 evaluation for the treatment of type 2 diabetes. A long-acting release formulation, AC2993 LAR, is in Phase 1 development, with study results expected in the third quarter of 2001. The Company's third drug candidate, AC3056, is currently in Phase 1 evaluation as a potential treatment for metabolic disorders relating to cardiovascular disease. The Company has adopted a commercialization plan for SYMLIN that includes establishment of an internal commercial organization. The Company continues to evaluate arrangements with companies that may add value to its commercialization efforts for SYMLIN in the US as well as in Europe, Japan and other markets. Amylin Pharmaceuticals is based in San Diego, California and has approximately 180 employees. Further information on Amylin Pharmaceuticals and its pipeline in metabolism is available at www.amylin.com.
This press release contains forward-looking statements about the Company, which involve risks and uncertainties. The Company's actual results could differ materially from those forward-looking statements discussed in this press release, due to risks and uncertainties regarding the drug discovery and development process, uncertainties in FDA review of the Company's NDA for SYMLIN, uncertainties regarding the Company's ongoing clinical studies of its drug candidates and the ability of the Company to commercialize its drug candidates, whether through sales, distribution, marketing and/or corporate partnering agreements, on terms acceptable to the Company or otherwise. Additional risks and uncertainties are described more fully in the Company's most recently filed SEC documents, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2000 under the heading ``Risk Factors,'' and its subsequently filed Quarterly Reports on Form 10-Q.
SOURCE: Amylin Pharmaceuticals, Inc. |
