EXTON, Pa. & NEW YORK--(BUSINESS WIRE)--July 3, 2001--ViroPharma Incorporated (Nasdaq:VPHM - news) and PSV, LP (``PSV'') today announced that ViroPharma has filed a Form S-3 universal shelf registration statement with the Securities and Exchange Commission for the registration and potential issuance of up to $300 million of ViroPharma securities, along with the common stock and common stock issuable upon exercise of warrants owned by PSV, LP.
Upon being declared effective by the SEC, the universal shelf registration statement will provide ViroPharma the flexibility to determine the type of security it chooses to sell, including common stock, preferred stock, warrants and debt securities, as well as the ability to time such sales when market conditions are favorable.
The securities covered by ViroPharma's universal shelf are being registered on a delayed basis because ViroPharma does not intend to sell securities immediately upon the effectiveness of the registration statement. The actual amount of any securities to be issued, and the terms of those securities, will be determined at the time of sale, if such sales occur.
ViroPharma intends to use the net proceeds from the sale of its securities covered by the universal shelf to further fund its commercialization preparation for its lead product, Picovir(TM) (pleconaril) for the treatment of viral respiratory infection (VRI, often referred to as the common cold).
The proceeds also will be used for brand expansion clinical trials for Picovir (TM), research and development activities for the company's hepatitis C and respiratory syncytial virus programs, potential acquisitions, capital expenditures, debt retirement and general working capital.
The registration statement also registers the securities held by PSV, LP. Under the terms of the investment agreement that ViroPharma entered into with PSV in 1999, in May 2001 ViroPharma converted the shares of preferred stock beneficially owned by PSV, LP. ViroPharma's conversion of the preferred stock results in a savings of approximately $720,000 per calendar year.
PSV exercised rights granted to it in that same agreement to register the common stock beneficially owned by PSV and the common stock issuable upon the exercise of warrants beneficially owned by PSV. The two companies agreed to file a common shelf registration statement.
``We remain focused on filing a new drug application with the U.S. Food and Drug Administration and securing a high quality co-promotion and co-development partner for Picovir(TM) (pleconaril),'' said Michel de Rosen, ViroPharma's chief executive officer. ``By filing the universal shelf registration, we position ourselves to further strengthen our balance sheet, when the markets are favorable, in support of our future commercialization and development plans for ViroPharma's product programs.''
``We know ViroPharma well, we continue to support their efforts and we are pleased to be a significant stockholder in the company,'' said Dennis Purcell, senior managing partner of Perseus-Soros BioPharmaceutical Fund, LP and a member of the board of directors of ViroPharma Incorporated.
The registration statement has not yet become effective. These securities may not be sold nor may offers to buy be accepted before the registration statement becomes effective... |
