Genelabs Technologies Announces Commitments to Raise $23.7 Million in a Registered Direct...( Funds to Support Ongoing ...),Health
Funds to Support Ongoing HCV Drug Discovery Projects
REDWOOD CITY, Calif., Sept. 26 /PRNewswire-FirstCall/ -- Genelabs Technologies, Inc. (Nasdaq: GNLB) announced today that it has obtained commitments from several institutional investors to purchase approximately 12.9 million shares of its common stock and warrants to purchase approximately 2.6 million shares of its common stock for gross proceeds of approximately $23.7 million. The investors have agreed to purchase the shares and warrants for $1.84 per unit (each unit consisting of one share and a warrant to purchase 0.20 shares of common stock). The exercise price of the warrants will be $2.08 per share. The warrants will be exercisable at any time prior to the fifth anniversary of the closing of the transaction. The closing of the offering is expected to take place on October 1, 2007, subject to satisfaction of customary closing conditions. Genelabs plans to use the proceeds from this financing to support its ongoing hepatitis C virus (HCV) drug discovery programs and for general corporate purposes. The proceeds will not be used to fund a new phase III clinical trial of Prestara. Deutsche Bank Securities Inc. acted as exclusive placement agent in the transaction.
A shelf registration statement relating to these securities (File No.
333-145497) has been declared effective by the Securities and Exchange
Commission. 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 jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Any offer of these
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| SOURCE Genelabs Technologies, Inc. Copyright©2007 PR Newswire. All rights reserved |
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