Procept Announces Private Financing
Private Placement To Total $10 million
CAMBRIDGE, Mass.--(BW HealthWire)--Dec. 10, 1997-- Procept, Inc. (NASDAQ:PRCT - news) today announced
that it has commenced a private offering of units of shares of Common Stock and Common Stock Warrants. The offering is
intended to raise $10 million. The Company, however, has authorized its placement agent to raise up to a total of $25 million.
The funds will be used to further its research, pre-clinical and clinical development programs.
Purchasers of the Common Stock Units will be entitled to certain contractual rights, subject to certain limitations. The
Common Stock Units have not been registered under the Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from registration requirements.
The statements made in this press release contain certain forward-looking statements relating to future events or future
financial performance of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties, including the risk that the
Company will be unable to complete the proposed private placement. Such statements are only predictions and actual events
or results may differ materially.
Procept, Inc. is engaged in the research and development of small molecule therapeutics for the prevention and treatment of
chronic and life-threatening immune system disorders. Procept is developing therapeutics for the treatment of arthritis,
diabetes, organ transplant rejection and infectious diseases, including AIDS and tuberculosis. Founded in 1985 and traded on
the Nasdaq National Market System under the symbol PRCT, Procept is located in Cambridge, Massachusetts. |
