Dale was out all day, I wonder if Paunch got thru later on? Here is a Dear Richard Almanac Speculation:
Richard, the other one Richard-
Financing idea- so it is on a Buck stock and we are a Decimal of that. So 3.5 Mill is 10 folded.( We just did this - I guess!) 35 Mill= the Dividend shares? Which went up another 45 Mill.
This is NOT floor less convertible nonsense ,, Right, ( ? )...Still I wonder if Maxam could as a technique do this, ideas,??? But then would this dillute us, I guess so...better wonder as at a dime it is pointless to protyect the value without the new results in the Blue Areas so it may play if we get GOOD INITIAL INDICATIONs as TA and FA with change everthing as it usually does- anyway. Thinking aloude. Chuca Not Richard, in case you got confused.
P.S.-They ARE building a mine, that is the focus. Everything leads there. The roads cross at a ....railroad. Too bad that old railroad probably leaked tank cars all along the tracks so we could build a Lab. We need a retriver.
go2net.newsalert.com
Techniclone Files Registration Statements for Equity Line
Agreement
Business Wire - September 22, 1998 07:44
TUSTIN, Calif.--(BUSINESS WIRE)--Sept. 22, 1998--Techniclone Corporation
(NASDAQ:TCLN) a developer of leading-edge therapeutics for the advanced treatment of cancer,
announced today that it filed two Registration Statements on Form S-3 related to the Company's
equity line agreement.
As previously announced on June 16, 1998, the Company secured access to $20,000,000 under a
common stock equity based agreement that provided for immediate funding of $3,500,000. The funds
were drawn in exchange for the sale of 2,545,454 shares of the Company's common stock. Under the
equity line agreement, future funding of up to $16,500,000 through the sale of additional shares of the
Company's common stock is available. However, it is the Company's sole discretion as to drawing
additional funds beyond the initial $3,500,000 funding.
The first Registration Statement was filed to register the shares issued in conjunction with the sale of
$3,500,000 shares of restricted stock. While the initial sale of 2,545,454 shares of the Company's
common stock is subject to a reset provision, there is no similar reset provision for any future sales of
stock for the balance of up to $16,500,000 under the provisions of the equity line. The reset provision
provides that additional shares of the Company's common stock will be issued, if the closing bid price
of the Company's common stock is less than $1.375 per share during the ten trading days immediately
proceeding the date that is three and six months after the effectiveness of a Registration Statement
("Adjustment Price") for the $3,500,000 sale of common stock.
The number of additional shares that may be issued under the reset provision would be equal to the
difference between; the number of shares that would have been issued if the original placement price
would have been the Adjustment Price for $1,750,000 and one-half of the shares actually issued
(1,272,727 shares). Since the Registration Statement for the 2,545,454 shares is not yet effective, the
reset provision dates have not yet been established, but the Company expects that the first reset date
will not occur earlier than December, 1998.
The second Registration Statement was filed pursuant to the equity line agreement and provides for
the registration of a maximum number of shares that may be issued should the Company elect to
exercise its call rights for the remaining $16,500,000 available under the equity line and assuming that
the market price, as defined, is $1.00 per share on every call date. The remainder of the commitment
is available through June 2001, with the decision to sell additional common stock and the timing of
such sales being solely at the Company's discretion.
The ability of the Company to draw down the additional funds remaining on the credit line is subject to
the satisfaction of certain conditions, including the registration of the underlying shares and the
approval of the shareholders for the issuance of any additional shares, under the call provisions of the
equity line agreement.
Initially, future stock issuances under the equity line were to be priced at a 15 percent discount to the
then current market, but on September 17, 1998, in exchange for certain concessions from the
investors, future issuances under the equity line will be priced at the greater of a $0.20 discount or a
17.5 percent discount to the then current market price.
Larry Bymaster, President and Chief Executive Officer of Techniclone stated, "The equity line
financing is an important strategic funding for the Company. We are pleased to have filed the
Registration Statement for the equity line which will provide us access to funds for our clinical trial
programs and allow us to focus more of our efforts on the pursuit of a licensing partner."
Elizabeth Gorbett-Frost, Chief Financial Officer, concluded, "With the filing of these Registration
Statements, we are one step closer to achieving our long-term financing and strategic objectives. This
equity line financing gives the Company the opportunity to take advantage of potentially favorable
market conditions while controlling the timing and amount of future financing. The ability to sell stock
under the equity line agreement along with the completion of the pending sale/leaseback of the
Company's facilities will strengthen our financial position as we pursue alternative financing sources
such as licensing arrangements."
Safe Harbor Statement: This release may contain certain forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual
events of results may differ from the Company's expectations as a result of risk factors discussed in
Techniclone's reports on file with the U.S. Securities and Exchange Commission, including, but not
limited to, the Company's report on Form 10Q for the quarter ended July 31, 1998 and on Form
10K for the year ended April 30, 1998.
Company Overview: Techniclone Corporation is engaged in the research and development of unique
therapeutics for the treatment of cancer. The Company utilizes innovative targeting technologies to
develop products capable of destroying cancerous tumors throughout the body. Presently in Phase I
clinical testing, the Company's Tumor Necrosis Therapy (TNT) is designed to deliver high doses of
radiation directly to the core of the tumor while causing minimal damage to surrounding tissue.
Oncolym(tm), a therapy for the treatment of advanced B-Cell Non-Hodgkin's lymphoma, is currently
undergoing Phase II/III human testing.
The Company is also developing two additional technologies for the treatment of solid tumors,
Vasopermeation Enhancement Agents (VEA) and Vascular Targeting Agents (VTA). VEAs act on
tumors to increase the concentration of conventional chemotherapy in the tumor site while VTAs
attach to tumor blood vessels creating a blood clot which kills the tumor by eliminating its oxygen and
nutrient supply. Additional information on the Company and its products can be found at
www.techniclone.com.
CONTACT: Company Contact:
Techniclone Corp., Tustin
Greg Facktor, 714/508-6100
or
Investor Relations:
DeMonte Associates, New York
Cynthia DeMonte, 212/420-0088
or
Media Relations:
Rubenstein PR, New York
Clint Cantwell, 212/843-8051 |
