Navigation Links
PROLOR Biotech Announces Sale of $24.4 Million of Common Stock
Date:3/18/2010

NES-ZIONA, Israel, March 18 /PRNewswire-FirstCall/ -- PROLOR Biotech, Inc., (OTC Bulletin Board: PBTH),  a company developing next generation biobetter therapeutic proteins, today announced that it has raised $24.4 million in a private placement of 10,382,975 shares of its common stock, par value $0.00001 per share, to accredited investors at a price of $2.35 per share, which represents an approximate 17% discount to the average closing price of the common stock for the 30-day period prior to closing.  The shares have not been registered and no registration rights have been granted to investors for these shares.  In addition, the shares are subject to a one-year lockup agreement.

"In a challenging market environment, we are pleased to have raised new equity from this diverse group of respected investors, and we appreciate their confidence in PROLOR's future success," commented Shai Novik, President of PROLOR.  "PROLOR is now well-capitalized, and we expect that this additional funding will enable us to accelerate our various clinical and pre-clinical development programs.  It is a testimonial to the quality and potential of the company that we have been able to close this offering of unregistered shares, without warrants or registration rights, along with a one-year lockup, at a time when most financing transactions for life sciences companies at our stage include registration rights and substantial warrant coverage."

Jefferies & Company, Inc. served as Lead Placement Agent on the transaction.  Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE  LTS), served as co-placement agent.  

ABOUT PROLOR BIOTECH

PROLOR Biotech, Inc. is a biopharmaceutical company applying unique technologies, including its patented CTP technology, primarily to develop longer-acting, biobetter, proprietary versions of already approved therapeutic proteins that currently generate billions of dollars in annual global sales.  The CTP technology is applicable to virtually all proteins and PROLOR is currently developing long-acting versions of human growth hormone, which is in clinical development, and interferon beta, factor VII, factor IX and erythropoietin, which are in preclinical development, as well as GLP-1 and other therapeutic peptides.  For more information on PROLOR, visit www.prolor-biotech.com.

Safe Harbor Statement:  This press release contains forward-looking statements, which may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," "suggests" and other words of similar meaning, including statements regarding the results of current clinical studies and preclinical experiments and the effectiveness of PROLOR's long-acting protein programs, which 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 that may affect PROLOR's business and prospects, including the risks that PROLOR may not succeed in developing any commercial products, including any long-acting versions of human growth hormone, erythropoietin, interferon beta, GLP-1, and other products; that the long-acting products in development may fail, may not achieve the expected results or effectiveness and/or may not generate data that would support the approval or marketing of these products for the indications being studied or for other indications; that ongoing studies may not continue to show substantial or any activity; that the actual dollar amount of any grants from Israel's Office of the Chief Scientist is uncertain and is subject to policy changes of the Israeli government, and that such grants may be insufficient to assist with product development; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. The results of clinical trials in humans may produce results that differ significantly from the results of clinical and other trials in animals. The results of early-stage trials may differ significantly from the results of more developed, later-stage trials. The development of any products using the CTP platform technology could also be affected by a number of other factors, including unexpected safety, efficacy or manufacturing issues, additional time requirements for data analyses and decision making, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing and the impact of patents and other proprietary rights held by competitors and other third parties. In addition to the risk factors described above, investors should consider the economic, competitive, governmental, technological and other factors discussed in PROLOR's filings with the Securities and Exchange Commission.  The forward-looking statements contained in this pres release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law.

    
    
    PROLOR CONTACT:                        MEDIA CONTACT:
    Shai Novik, President                  Barbara Lindheim
    PROLOR Biotech, Inc.                   GendeLLindheim BioCom Partners
    Tel: +1 866 644-7811                   +1 212 918-4650
    Email: shai@prolor-biotech.com

SOURCE PROLOR Biotech, Inc.

Back to top

RELATED LINKS
http://www.prolor-biotech.com

'/>"/>

SOURCE PROLOR Biotech, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. Arena Pharmaceuticals to Present at the NewsMakers in the Biotech Industry Conference
2. Biotech Finishes on a High in August, Burrill Report Says
3. Oncolytics Biotech Inc. reports positive interim results of UK phase Ia/Ib trials
4. Spectrum Pharmaceuticals to Present at the Biotechnology Industry Organization Investor Forum
5. Biotech delists shares from TSXV, continues OTCBB trading
6. Frutarom Gewurzmuller and Blessing Biotech Acquisition Conference Call Scheduled for Monday, October 15, 2007
7. MichBio Announces Formation of Biotechnology Legislative Caucus
8. Oncolytics Biotech Inc. announces approval for UK clinical trial
9. Not just humans benefit from animal biotechnology
10. Biotech adds Central American markets to Sucanon distribution
11. GPC Biotech Today Announced Results of Survival Analysis from the SPARC Trial
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/28/2017)... , ... June 28, 2017 , ... ... is pleased to announce that a two year study conducted by the University ... Creek zeolite was successful in remediating potash brine-impacted groundwater. As a part of ...
(Date:6/27/2017)... ... June 27, 2017 , ... Excel Medical, the ... to the position of Executive Vice President, Sales and Marketing. Finnegan is a ... and medical device sales leadership. He has received industry recognition for innovations and ...
(Date:6/27/2017)... ... June 27, 2017 , ... The Congressional Budget Office (CBO) projects that ... the 2010 Patient Protection and Affordable Care Act (ACA), would result in 22 million ... under current law. , More than 20 million Americans have gained health insurance under ...
(Date:6/27/2017)... (PRWEB) , ... June 27, 2017 , ... ... management assistance and personal financial planning services to residents of southern New Hampshire, ... charity event that promises to fight hunger and homelessness in the region. , ...
(Date:6/27/2017)... ... June 27, 2017 , ... Hammer Strength, the world’s leading ... named Javair Gillett of the Houston Rockets the NBSCA Strength & Conditioning Coach of ... decided by NBSCA members who vote to select the coach who embodies the highest ...
Breaking Medicine News(10 mins):
(Date:6/27/2017)... , Jun 27, 2017   NuEyes (NuEyes ... of funding to fuel its growth in helping the legally ... (Osterhout Design Group), the leading developer of augmented, virtual ... technology sits. The undisclosed funding amount was provided ... firm, Arab Angel, with offices in Abu Dhabi ...
(Date:6/16/2017)... BOSTON , June 16, 2017  Exactly 50 years ... kicked off what later became known as the San Francisco ... www.northernlight.com ) is unveiling two radical innovations in strategic market ... summer.  This announcement marks the beginning of Northern Light,s "Summer ... ...
(Date:6/12/2017)... Inc., a biotechnology company focused on the development of novel ... and Head of Virology Kristin Bedard has been invited to ... Beyond meeting sponsored by Life Science Washington.  This Symposium ... PDT at the Agora Conference Center in Seattle, ... joined by other leaders in infectious disease research and the ...
Breaking Medicine Technology: