Found this press release today. Just another example of Paramount's financing arrangements. I would expect something similar for Procept.
Monday August 18 9:00 AM EDT
Company Press Release
Atlantic Pharmaceuticals Raises $12.5 Million in Private Placement of
Equity Securities
RALEIGH, NC--(BUSINESS WIRE)--August 18, 1997--Atlantic Pharmaceuticals Inc. (Nasdaq Small Cap: ATLC)
announced today that it raised gross proceeds of approximately $12.5 million through the private placement of equity
securities. The offering, originally intended to raise $7.5 million, was increased to meet investor demand. Paramount Capital,
Inc., a New York based investment bank, acted as placement agent for the offering.
``The completion of this private placement represents an important milestone for Atlantic,'' said J.D. Lindjord, President and
Chief Executive Officer of Atlantic. ``The oversubscription of this offering suggests that investors perceive the strong potential
of our diversified portfolio of medical technologies. The funds we have raised will support continuing research to help us fulfill
that potential.''
1,250,000 shares of Atlantic Series A Preferred Stock were issued. Each share of Atlantic Series A Preferred Stock is
convertible into 2.12 shares of Atlantic Common Stock at a conversion price of $4.72107, subject to adjustment, based on
the prevailing market price for the Common Stock.
Atlantic Pharmaceuticals is a biopharmaceutical company developing pharmaceutical and biomedical products for a variety of
therapeutic areas. The Company's strategy, which differentiates their approach from most biotechnology firms, is to develop a
diverse portfolio of promising and independent product candidates licensed from a variety of sources. Currently, Atlantic is
developing novel technologies in antisense gene therapy, cataract removal, prevention of restenosis following coronary
angioplasty, and anti-inflammatory/analgesic drugs.
As with any company developing novel therapeutics, Atlantic may make certain forward-looking statements that relate to
future business and financial performance. Such statements can only be predictions and the actual events or future results may
differ from those discussed, due, among other things, to those risks described in the company's reports on forms 10-QSB
and 10-KSB previously filed by Atlantic with the Securities and Exchange Commission. The Company assumes no obligation
to update the information in this release.
For more information on Atlantic Pharmaceutical's technologies, visit the company's homepage at atlan.com.
Atlantic's press releases are available through BusinessWire's web site at businesswire.com. The releases also are
available at no charge through BusinessWire's fax-on-demand service at 888-286-8109. |
