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Technology Stocks : John, Mike & Tom's Wild World of Stocks -- Ignore unavailable to you. Want to Upgrade?

To: wlheatmoon who wrote (352)	2/23/2000 1:58:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 2850

So INCY raises 422 Million in a private placement-- Kernan says this validates some of the genome stock runup. Wednesday February 23, 6:30 am Eastern Time Company Press Release SOURCE: Incyte Pharmaceuticals, Inc. Incyte Announces $422 Million Private Placement PALO ALTO, Calif., Feb. 23 /PRNewswire/ -- Incyte Pharmaceuticals, Inc. (Nasdaq: INCY - news) announced today that it has entered into a definitive purchase agreement for the sale of two million shares of newly issued common stock to selected institutional investors for $422 million. The purchase price is $211.00 per share. Incyte stated that it expects to use the net proceeds of the offering for working capital and general corporate purposes. Proceeds may also be used to make strategic investments, acquire or license technology or products, or acquire businesses that may complement its business. Except for the historical information contained herein, the matters set forth in this press release, such as statements as to the expected use of net proceeds, are forward-looking statements within the meaning of the ``safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the impact of alternative technological advances and competition, changes in the focus of Incyte's research and development activities, developments in litigation, and other risks detailed from time to time in Incyte's SEC reports, including its Current Report on Form 8-K dated February 22, 2000. Incyte disclaims any intent or obligation to update these forward-looking statements.