IDEC Pharmaceuticals Elects to Withdraw Follow-On Offering
SAN DIEGO---March 4, 1998--IDEC Pharmaceuticals
Corporation (NASDAQ:IDPH) today announced it has elected, in light of market conditions, to withdraw its follow-on stock offering of
2.0 million shares. The company had filed a registration statement
for a follow-on offering on February 24, 1998.
"We will continue to establish market acceptance for our lead
product, Rituxan(TM)," said William H. Rastetter, chairman, chief
executive officer and president. "We believe that additional sales
performance information, as it becomes available, will underscore the
strength we have seen with Rituxan's launch." Net sales of Rituxan,
booked by IDEC's partner, Genentech, were $29.4 million during the
period beginning with product launch on December 16, 1997 through the end of February 1998.
"Additional capital will become useful in continuing to build our
business," said Rastetter, "for example, for facilities expansion
and product acquisition. However, we have sufficient capital to fund
the existing business and it is not critical to complete an offering
under these market conditions. The fundamentals of the company
continue to be strong. Our election to withdraw the offering is not
related to any material change in IDEC's business." |
