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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Afaq Sarwar who wrote (4578)	1/15/1998 3:22:00 PM
From: LoLoLoLita	Read Replies (1) \| Respond to of 23519

I guess one way to get some buyers is to put out a daily press release. At first I thought the following was a joke: "WAITE AND SEE" biz.yahoo.com Thursday January 15, 2:39 pm Eastern Time Company Press Release Harvard Scientific's Top Executives, Waite and See, to Fund Company Up to $10-Million Over the Next 12 Months RENO, Nev.--(BW HealthWire)--Jan. 15, 1998--Harvard Scientific Corp. (OTC Bul Bd:HVSF), a Nevada corporation, announced Thursday that the company's top two executives and members of its board of directors, Thomas E. Waite, president and CEO, and Jackie R. See, M.D. F.A.C.C., director of Research, have agreed to personally fund the company with up to $10-million in financing over the next 12-months. According to the company, the funds will be used to retire the outstanding debt on the balance sheet and increase its working capital and net assets, which is essential to fulfill the necessary requirements for a NASDAQ listing and facilitate the company's ongoing efforts to attain FDA approval for its products. The company believes that the funds raised will meet its short term needs in these areas. However, management will not discount the fact that a senior partner would greatly enhance and substantially expedite the company's efforts in seeking FDA approval and marketing its products. Waite stated: ''over the past several months, diligent efforts seeking both conventional and shareholder friendly forms of financing on behalf of the company has been to no avail given the company's current stage of product development and cash position. All potential avenues have been either dead-ends or closed doors. Current management's commitment to fully implement its strategic plan and a full faith and confidence in the company's ability to successfully compete in the global market arena for male erectile dysfunction has led Dr. See and I to mutually agree to fund the company personally. I feel confident that our investment in the company will greatly enhance its efforts to bring its products to market in the most expeditious manner which will ultimately benefit each and every shareholder. In the past, funding agreements secured through outside sources appear to have been inconsistent with the company's ultimate goals. This management team refuses to make those same mistakes.'' Terms of the financing agreement call for the funding to be completed in tranches of $500-thousand to $2-million in exchange for equity in the company. The initial tranch of funding and subsequent tranches up to the first $5-million are calculated at a rate consistent with the average and un-discounted closing bid price of the common shares over the 10 days prior to the closing date on Jan. 12, 1998. The next $2.5-million will be calculated at 200% of the initial tranch acquisition price. The remaining $2.5-million will be calculated at 400% of the initial tranch acquisition price. An independent and objective review as to the fairness of the agreement will be issued by a member firm of the New York Stock Exchange. The initial tranch is to be executed on the effective date of a registration statement. Waite added, ''the funding will be strategically executed as needed and will enable the company to move forward in a manner that is both prudent and in the best interest of its shareholders.'' Harvard Scientific Corp. is a biopharmaceutical company that develops products relating to liposomal delivery of Prostaglandin E-1 for the treatment of male erectile dysfunction, impotency and sexual enhancement. The company's patented process allows the Prostaglandin E-1 to be administered as a liquid via a painless delivery system. The company also has developed a topically applied skin treatment for psoriasis and is working with the FDA to establish Phase I clinical trials protocol for that product. Prostaglandin E-1 is a naturally occurring vasodilator originally approved by the U.S. FDA for intravenous infusion in neonates. In 1995, PGE-1 was approved by the FDA as a treatment for male erectile dysfunction for Upjohn's Caverject(r), which is administered by needle injection. In November 1996, Vivus Inc [Nasdaq:VVUS - news].'s MUSE(r) delivery system was approved by the FDA. The company believes that its product represents a tremendous treatment advantage over other delivery systems currently being utilized in the industry. From time to time the company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly. Contact: I.W. Miller & Co. Ira Miller, 714/833-9001 or Scopes, Garcia & Carlisle Ellie Muth, 801/364-8720 or Martin E. Janis & Co. Hal Schweig, 312/943-1100