Good stuff happening in taxSell portfolio:
biz.yahoo.com
Tuesday November 2, 6:00 am Eastern Time
Company Press Release
SOURCE: NPS Pharmaceuticals, Inc.
SmithKline Beecham Elects to Extend Work in Osteoporosis With NPS Pharmaceuticals
SALT LAKE CITY, Nov. 2 /PRNewswire/ -- NPS Pharmaceuticals, Inc. (Nasdaq: NPSP - news), announced today that SmithKline Beecham (SB) will continue funding work at NPS under an existing collaborative research and license agreement begun in 1993. NPS and SB are engaged in research efforts to find novel therapies for osteoporosis. Under the terms of the agreement, SB has also purchased shares of NPS stock. The SB stock purchase consisted of 249,000 shares of NPS common stock priced at $7.817 per share. The total proceeds from the purchase are $1,946,433.
(Photo: newscom.com )
Speaking for NPS, Dr. Hunter Jackson, Chairman, CEO and President, said, ''SmithKline Beecham's continued support for this program demonstrates its promise in finding effective therapies for a very serious condition. We hope to not only halt the progression of osteoporosis, but also to reverse its course so that weakened bones are strengthened and fractures related to osteoporosis are reduced.''
Research in osteoporosis by NPS and SB is founded on technology proprietary to NPS related to proteins in the body called calcium receptors. NPS and other corporate partners are conducting additional research related to calcium receptors for diseases other than osteoporosis.
NPS previously announced (September 28, 1999) its agreement to merge with Allelix Biopharmaceuticals Inc., a Toronto, Canada based company. A proxy statement has now been filed with the SEC; exhibits to the proxy statement include the Management Circular for Allelix's special shareholders' meeting to vote on the transaction. The merged company will operate as NPS Pharmaceuticals in the U.S. and as NPS Allelix in Canada. Following the merger, which is expected to close by January 2000, NPS will have a deep pipeline of late-stage clinical programs, and preclinical programs involving recombinant proteins and small molecules that address a variety of important human diseases.
NOTE: Statements included within this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially from those described herein. There can be no assurance that efforts by NPS or SB to discover or develop an osteoporosis drug will be successful. In addition, there can be no assurance that NPS and/or NPS Allelix will have sufficient resources to advance some of their products on their own to a stage that makes them more partnerable without raising additional capital, that they will be successful in securing partners for unpartnered programs, or that any of their partnered programs will succeed. Careful consideration should be given to cautionary statements made in NPS documents filed with the SEC, in particular the Company's annual report filed on Form 10-K and the Company's Proxy Statement on Schedule 14A related to the proposed merger with Allelix, expected to be mailed to NPS shareholders in November 1999.
SOURCE: NPS Pharmaceuticals, Inc.
Then we have this from Maxxim:
Company Press Release
Maxim Pharmaceuticals Announces $20.6 Million Private Placement of Preferred Stock
SAN DIEGO--(BW HealthWire)--Nov. 2, 1999--Maxim Pharmaceuticals, Inc. (AMEX:MMP - news; SSE:MAXM) today announced the private placement of $20.6 million of convertible preferred stock to a group of existing shareholders and new investors based in the U.S. and Europe.
The preferred stock is convertible into shares of the Company's common stock at a fixed price of $8.925 per share, a price that under the terms of the private placement agreement was based on the average closing bid prices of the Company's common stock for the five days prior to the completion of the placement. The preferred stock may be converted into a total of 2,306,900 shares of common stock.
The Company currently has 10,228,718 shares of common stock outstanding. The preferred stock has a dividend of 12% payable in cash or in additional shares of preferred stock at the option of the holder. The Company may call for a mandatory conversion of the preferred stock into common stock after 90 days.
The primary use of funds will be for the completion of ongoing Phase III clinical trials and other clinical studies, preparation for the planned market launch of the Company's lead drug Maxamine® and for general corporate purposes.
The preferred shares were issued in a private transaction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company is obligated under the terms of this transaction to file a registration statement within 30 days to allow resale of the common stock issuable upon conversion of the preferred stock.
This press release 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 registration or qualification under the securities laws of any such state.
Maxim Pharmaceuticals is developing advanced drugs, therapies and vaccines for cancer and infectious diseases. The Company's lead drug candidate, Maxamine, is currently being tested in three Phase III cancer clinical trials in 14 countries around the world for malignant melanoma and acute myelogenous leukemia.
Maxim expects to file its NDA and report results for its U.S. Phase III study of Maxamine in the treatment of malignant melanoma in mid 2000. Phase II trials of Maxamine Therapy are also underway for the treatment of hepatitis C and advanced renal cell carcinoma. Maxamine is designed to be safely self-administered by patients in their own homes, and more than 800 patients have been treated in completed and ongoing clinical trials.
The Company is also developing MaxDerm(TM), for the treatment of medical conditions for which topical therapy is appropriate such as oral mucositis, herpes, decubitus ulcers, shingles, burns and related conditions. The Company's third platform technology, MaxVax(TM), now in preclinical development, utilizes a needle-free mucosal vaccine carrier/adjuvant system for a broad range of infectious diseases.
The Company expects to commercialize its technologies through a combination of in-house development and collaborative agreements with pharmaceutical companies.
This news release contains certain forward-looking statements that involve risks and uncertainties. Such forward-looking statements include statements regarding the efficacy and intended utilization of Maxamine and the Company's clinical trials. Such statements are only predictions and the Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include the risk that products that appeared promising in early research and clinical trials do not demonstrate efficacy in larger-scale clinical trials and the risk that the Company will not obtain approval to market its products. These factors and others are more fully discussed under ''Risk Factors'' and elsewhere in the Company's Annual Report on Form 10-K/A for the year ended Sept. 30, 1998 and the Company's Registration Statement on Form S-3 (File No. 333-84711), as filed with the Securities and Exchange Commission.
Note to Editors: Maxamine®, Maxamine Therapy(TM), MaxDerm(TM), MaxVax(TM), and the Maxim logo are trademarks of the Company.
DAK |
