Critical Therapeutics Announces $54.5 Million Private Placement
Tuesday June 7, 8:59 am ET
LEXINGTON, Mass.--(BUSINESS WIRE)--June 7, 2005--Critical Therapeutics, Inc. (Nasdaq: CRTX - News) today announced that it has entered into definitive agreements with institutional and other accredited investors, including existing stockholders and affiliated entities, for the private placement of approximately 9.9 million shares of common stock at a price of $5.48 per share, together with warrants to purchase approximately 3.5 million additional shares of common stock at an exercise price of $6.58 per share, for a total purchase price of $54.5 million. The transaction currently is scheduled to close on or about June 20, 2005, subject to customary closing conditions.
The Company intends to use the net proceeds from this private placement to launch its investigational asthma drug ZYFLO® Filmtab® (zileuton tablets) pending regulatory approval of a supplemental New Drug Application (sNDA), further the clinical and preclinical development of its existing product candidates, expand its drug discovery and development initiatives and for other general corporate purposes.
The shares of common stock and warrants offered and to be sold by the Company in this private placement have not been registered under the Securities Act of 1933, as amended ("the Securities Act"), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from registration requirements. The Company has agreed to file a registration statement with the SEC covering resale of the shares of common stock, as well as the shares of common stock issuable upon exercise of the warrants issued in the private placement.
This notice is issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
About Critical Therapeutics
Critical Therapeutics, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of products for respiratory, inflammatory and critical care diseases. The Company is developing a sales and marketing infrastructure in connection with its in-licensed product, ZYFLO, a tablet formulation of zileuton. Critical Therapeutics also is developing treatments directed toward the severe inflammatory response in acute diseases and conditions that lead to admission to the emergency room or intensive care unit, and acute exacerbations of other chronic diseases that frequently lead to hospitalization... |
