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Biotech / Medical : Procept (PRCT): 50% rise on high volume. Why? -- Ignore unavailable to you. Want to Upgrade?

To: Joel who wrote (339)	1/30/1998 9:37:00 AM
From: Douglas	Read Replies (1) \| Respond to of 455

Procept Completes $1.2 Million Initial Closing Of Common Stock Unit Offering Company Restructures to Focus Resources on Development of Female-Controlled HIV Preventive Gel CAMBRIDGE, Mass.--(BW HealthWire)--Jan. 30, 1998-- Procept, Inc. (Nasdaq:PRCT - news) announced today that it has raised $1.2 million as an initial closing in the Company's Common Stock Unit Offering designed to raise an additional $4 to 6 million by the end of the first quarter of 1998. In addition, the Company announced that it has restructured its operations to focus on the development of its PRO 2000 Gel as a female-controlled topical microbicide for the prevention of HIV and other sexually transmitted diseases. ''After having significantly trimmed our burn rate, this additional funding will be used to support our most promising candidate'' PRO 2000 Gel,'' said Stanley C. Erck, President and Chief Executive Officer of Procept. ''With PRO 2000's potential impact on the spread of HIV-1, and the additional benefit of being fully female-controlled, we believe PRO 2000 Gel and all related products deserve the full attention of Procept's management, research, and resources.'' Procept intends to explore additional applications for PRO 2000 Gel in the treatment and prevention of other infectious diseases. As recently reported, the Company has completed multiple Phase I clinical trials of PRO 2000 Gel which indicated that it was well tolerated in healthy women. Results from its Antwerp trial were presented in October 1997 to the International Congress of Sexually Transmitted Diseases in Seville, Spain. Procept is actively seeking strategic partners to further develop its lead candidates for T-cell inhibition and its NMR-based drug development technologies. Procept, Inc. located in Cambridge, MA, is engaged in the development of novel drugs for the prevention of HIV and other infectious diseases through its lead product, the PRO 2000 Gel. Certain statements in this press release constitute ''forward looking statements'' which involve risks and uncertainties, including those arising under the Company's business strategy; the success of the Company in financing efforts; the pursuit of collaborative arrangements for the research and development of product candidates, as well as seeking joint development or licensing arrangements with pharmaceutical, diagnostic or instrumentation companies; the research or development of particular products, compounds or technologies; the uncertainty of the results of such development activities and related clinical trials or of required regulatory approvals; and the reliance on collaborative partners for development, regulatory or marketing activities.