Biotech Lock Up Expiration Hell Portfolio: Wave II Message Board

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Biotech / Medical : Biotech Lock Up Expiration Hell Portfolio: Wave II

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From: tuck	11/5/2004 9:59:34 AM
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>>ATLANTA, Nov. 5 /PRNewswire-FirstCall/ -- Inhibitex, Inc. (Nasdaq: INHX - News) today announced that it has entered into definitive purchase agreements to raise approximately $50 million through a private placement of approximately 6.8 million shares of common stock, at a price of $7.34 per share, to a group of institutional investors. In connection with this financing, the Company will also issue warrants to purchase approximately two million shares of common stock. The warrants have an exercise price of $8.81 per share. The financing is expected to close on or before November 10, 2004. The Company intends to use the net proceeds from this financing to continue the development of its Veronate and Aurexis clinical programs, fund the Company's preclinical and research programs and for general corporate purposes. "This financing significantly strengthens our balance sheet and better positions us to advance our pipeline of antibody-based product candidates for the prevention and treatment of serious and life-threatening infections," stated Russell H. Plumb, chief financial officer and vice president of finance and administration of Inhibitex. "In particular, the net proceeds from this financing, together with our existing cash, cash equivalents and short-term investments, should provide us with sufficient financial resources to complete our ongoing Veronate Phase III trial."<< snip A specific example of the consequences of the generally lowered IPO prices. Cheers, Tuck

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