Navigation Links
MacroChem Announces Preferred Stock Conversions and $3.5 Million Private Placement
Date:10/10/2007

WELLESLEY HILLS, Mass., Oct. 10 /PRNewswire-FirstCall/ -- MacroChem Corporation (OTC Bulletin Board: MACM) announced today that all the holders of its Series C Preferred Stock have converted their shares of preferred stock into 12,571,850 shares of common stock, and the warrants to purchase 8,648,102 shares of common stock previously issued with the Series C Preferred Stock have been reset to purchase 17,885,848 shares with an exercise price of $.60 per share pursuant to anti-dilution provisions in the warrants. In connection with the transaction, the Company closed a private placement of $3.5 million in gross proceeds, issuing 5,891,667 shares of common stock and five-year warrants to purchase 1,767,500 shares of common stock exercisable at $.60 per share. Griffin Securities, Inc. acted as placement agent in connection with the private placement.

"We're pleased with the support and confidence of our shareholders and new investors participating in this transaction," stated Robert J. DeLuccia, President and Chief Executive Officer of MacroChem. "We believe this transaction will simplify our capital structure by leaving only common stock, warrants and options outstanding, enable us to continue advancing EcoNail(R) through its Phase 2 clinical program and initiate development work on our newly acquired product, pexiganan, which has already completed two Phase 3 trials."

The securities offered and sold to the investors in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and were sold in reliance upon the exemption from securities registration afforded by Regulation D under the Securities Act. This press release does 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 state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

About MacroChem

MacroChem Corporation is a specialty pharmaceutical company that develops and seeks to commercialize pharmaceutical products. Our lead product candidate is EcoNail, a topically applied SEPA-based econazole lacquer for the treatment of onychomycosis, a condition commonly known as nail fungus. We recently acquired exclusive worldwide license rights to pexiganan, a novel topical anti-infective for the treatment of diabetic foot infection, which has already completed two Phase 3 trials. Our other clinical stage product candidate, Opterone(R), is a topically applied SEPA-based testosterone cream designed to treat male hypogonadism. Our pipeline of clinical-stage and early-stage product candidates is based on our SEPA(R), MacroDerm(TM) and DermaPass(TM) drug delivery technologies. For more information visit our website, http://www.macrochem.com .

Forward-Looking Statements

With the exception of historical information contained in this press release, the matters described herein are forward-looking statements that involve risks and uncertainties. MacroChem's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed or referred to in the section entitled "Risk Factors" in MacroChem's Annual Report on Form 10-K, as well as those discussed elsewhere therein, and include, without limitation, risks regarding product development, the timing and results of clinical trials, the regulatory approval process, capital requirements, financial condition, patent protection and dependence on third parties for development and licensing arrangements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MacroChem undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For more information visit our website, http://www.macrochem.com .

Contact:

MacroChem: Bernard Patriacca -- VP/CFO

bpatriacca@macrochem.com

(781) 489-7310

Investor Relations: The Investor Relations Group, Inc.

Christine Berni / Joseph Triunfo, (212) 825-3210

cberni@investorrelationsgroup.com

jtriunfo@investorrelationsgroup.com

Media:

Bill Douglass / Michaela Heller, (212) 825-3210

bdouglass@investorrelationsgroup.com

mheller@investorrelationsgroup.com


'/>"/>
SOURCE MacroChem Corporation
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. PM announces a new health care order for India
2. Ramdoss Announces Introduction of RCH-II
3. Britain Announces Third Transfusion Related Mad Cow Case
4. Gates Foundation Announces $287 Million In Grants Towards AIDS Vaccine
5. Tibet Announces the Dalai Lama’s Tour of South Americ
6. NHS announces further Cost cutting Measures
7. Indian PM Announces Of Setting Up India Study Center At Tashkent
8. PowderMed Announces Needle-Less Flu Vaccine
9. Malaysia Announces Prison term On People Donating HIV-Contaminated Blood
10. Australian Government Announces Survey To Tackle Childhood Obesity
11. New Zealand Announces 10-year Plan For Betterment Of Mental Health Care
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... ... ... Shark Finds and Kevin Harrington, and the Product Managers of AsSeenOnTV.pro are pleased to ... patented product that has solved some of the basic problems golfers have faced since the ... right after a rain shower, might understand the struggle of placing the club down for ...
(Date:2/8/2016)... ... February 08, 2016 , ... Brenntag Specialties, ... the Food & Beverage and Dietary Supplement market segments ... Canada and USA geographies east of the Rocky Mountains since 2012. Consistent ...
(Date:2/8/2016)... (PRWEB) , ... February 08, 2016 , ... A man who has struggled to quit ... Freedom Laser Therapy , was determined to find solutions to his problems – and he ... Inventors Digest is ready to introduce his breakthrough inventions to the world and better ...
(Date:2/8/2016)... ... February 08, 2016 , ... Steve Helwig & Associates Insurance ... new community enrichment program, has teamed up with Citizens Opposed to Domestic Abuse in ... intimate abuse. To support all those victimized by the fear of violence in their ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... networking and relationship-marketing firm, announced today that nominations will be accepted February ... (ISE®) West Awards. , Awards include the Information Security Executive® of ...
Breaking Medicine News(10 mins):
(Date:2/8/2016)... , Feb. 8, 2016  Echo Therapeutics, ... device company focused on non-invasive continuous glucose ... today announced that it will host a ... 17, 2015 at 9:00 a.m. Eastern Time ... its corporate strategy, advancements in its CGM ...
(Date:2/8/2016)... , Feb. 8, 2016 ... the "Global Skin Protective Equipment Market 2016-2020" ... --> http://www.researchandmarkets.com/research/fqx6nz/global_skin ) has announced the addition ... 2016-2020" report to their offering. ... ) has announced the addition of the ...
(Date:2/8/2016)... , Feb. 8, 2016   HighPoint ... November Research Group (NRG),s pharmacovigilance technology services division.  ... consulting services and an Oracle Argus Specialized partner, ... to Life Sciences companies. --> ... expands HighPoint,s life sciences capabilities and provides a ...
Breaking Medicine Technology: