Corixa Secures $75 Million Financing Commitment from BNY Capital Markets
SEATTLE--(BW HealthWire)--Dec. 4, 2001--Corixa Corporation (Nasdaq:CRXA - news), a developer of immunotherapeutics, today announced that it has entered into an agreement with BNY Capital Markets, Inc., a subsidiary of the Bank of New York, for a $75 million equity line of credit.
BNY has agreed to purchase Corixa common stock at a two percent discount to the market price and the financing will be available to Corixa, subject to certain conditions, at its option on an as-needed basis over a period of 24 months. Subject to certain limitations, Corixa has the right to determine the timing and amount of each sale. Shoreline Pacific, LLC acted as a placement agent on this transaction.
``This financing arrangement with BNY is intended to provide Corixa with additional capital to fund our ongoing operations, to continue to actively build our technology base and to develop and market products from our deep pipeline,'' stated Michelle Burris, chief financial officer and senior vice president at Corixa. ``We believe this financing is appropriate in that we control the timing and amount of each stock sale.''... |
