BioCryst Announces $65.3 Million Private Placement Financing
2007-08-06 09:34 (New York)
BIRMINGHAM, Ala., Aug. 6 /PRNewswire-FirstCall/ -- BioCryst
Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced that it has signed a
definitive agreement to raise $65.3 million in a private placement of
approximately 8.3 million shares of its common stock and warrants to purchase
an additional approximately 3.2 million shares of common stock. The purchase
price for the shares is $7.80 per share, the closing Nasdaq composite bid
price for the company's common stock immediately preceding execution of the
definitive agreement for the transaction and the exercise price for the
warrants is $10.25. Investors in the financing will pay an additional
purchase price equal to $0.125 for each share underlying the warrants. The
closing of the private placement is subject to certain closing conditions.
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Participants in the transaction include funds managed by Baker Brothers
Investments, Kleiner Perkins Caufield & Byers, EHS Holdings, OrbiMed Advisors,
Texas Pacific Group Ventures, and Stephens Investment Management.
"We are gratified by the strong support we received from this group of
existing shareholders," said Jon P. Stonehouse, Chief Executive Officer of
BioCryst. "The completion of the offering is a vote of confidence in the
company's future and strengthens our balance sheet allowing us to bolster the
company's fundamentals. BioCryst is now in a stronger position to execute on
our plans, advancing key development programs through late-stage human trials
while also mining our productive discovery engine for new compounds to move
into the clinic."
About BioCryst
BioCryst Pharmaceuticals, Inc. is a leader in the use of crystallography
and structure-based drug design for the development of novel therapeutics to
treat cancer, cardiovascular diseases, autoimmune diseases, and viral
infections. The company is advancing multiple internal programs toward
potential commercialization including Fodosine(TM) in oncology, BCX-4208 in
transplantation and autoimmune diseases and peramivir in seasonal and life-
threatening influenza. BioCryst has a worldwide partnership with Roche for the
development and commercialization of BCX-4208, and is collaborating with
Mundipharma for the development and commercialization of Fodosine(TM) in
markets across Europe, Asia, Australia and certain neighboring countries. In
January, 2007 the U.S. Department of Health and Human Services (DHHS) awarded
a $102.6 million, four-year contract to BioCryst for advanced development of
peramivir to treat seasonal and life-threatening influenza. In February 2007
BioCryst established a partnership with Shionogi & Co., to develop and
commercialize peramivir in Japan. For more information about BioCryst, please
visit the company's web site at biocryst.com. |
