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Biotech / Medical : Techniclone (TCLN) -- Ignore unavailable to you. Want to Upgrade?

To: john dixon who wrote (1082)	1/16/1998 9:03:00 AM
From: EZLibra	Read Replies (1) \| Respond to of 3702

Friday January 16, 7:30 am Eastern Time Company Press Release Techniclone Corp. Announces Funding Commitment Company to Review Financing Options TUSTIN, Calif.--(BUSINESS WIRE)--Jan. 16, 1998--Techniclone Corp. (Nasdaq:TCLN - news) Friday announced that in its pursuit for additional financing, it has secured a commitment for a $5 million Private Placement funding, the terms of which are still being finalized. The company is continuing to negotiate with other financing sources for similar and for follow-on financing transactions. The company is pursuing funds to be used for clinical trial expenses, manufacturing costs, and general operations. ''This financing commitment provides for Techniclone's near-term financial needs for day-to-day operational expenses,'' said William V. Moding, chief financial officer. ''Additionally, this financing will serve to keep our LYM-1 (Oncolym) and TNT clinical trial programs on track for commencement during this first quarter of 1998, as we previously announced.'' Techniclone management Friday also commented that the recent stock selling among corporate insiders was required to cover margin accounts, which were called when the stock fell below $2. Said Chief Executive Officer Lon H. Stone, ''The recent sale of stock by insiders is not reflective of any adverse opinion of the company and its technology; rather, it was the result of forced margin selling required by brokerage firms with whom margin accounts were maintained.'' Techniclone Corp. is a biotechnology company engaged in the research and development of therapeutics for the treatment of cancer. The company is a world leader in collateral targeting, a powerful new approach to destroying cancerous tumors without attaching to surrounding healthy tissue. The company's lead collateral targeting technologies include: Tumor Necrosis Therapy (TNT), Vascular Targeting Agents (VTAs) and Vasopermeation Enhancement Agents (VEAs). Techniclone's most advanced drug development program is LYM-1 (Oncolym), which is being investigated for the treatment of intermediate- and high-grade non-Hodgkin's B-cell lymphoma. For additional company and product pipeline information, visit Techniclone Corp.'s Web site at techniclone.com . Any statements released by Techniclone that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects, including economic, competitive, government, technological and other factors discussed in the company's filings with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: Techniclone Corp. William V. Moding (CFO) or Elizabeth Gorbett-Frost (VP, Finance) or Jennifer C. Gianola (Director, Corp. Communications) 714/508-6000