Alteon Raises Up to $12.8 Million in Sale of Common Stock
June 28 2004 - 8:30AM
PR Newswire (US)
Alteon Raises Up to $12.8 Million in Sale of Common Stock - Initial
Closing to Raise $8 Million - PARSIPPANY, N.J., June 28
/PRNewswire-FirstCall/ -- Alteon Inc. (AMEX:ALT) announced today
that it has entered into agreements with new and existing
institutional investors to sell 8 million shares of common stock at
$1.00 per share, for net proceeds after expenses and fees of
approximately $7.6 million. The agreements are subject to customary
closing conditions. The Company also agreed to sell to these
investors a second tranche of 3.2 million additional shares of the
Company's common stock at a purchase price of $1.50 per share, by a
date no later than December 31, 2004, if the investors so elect.
The shares are offered through a prospectus supplement pursuant to
the Company's effective shelf registration statement previously
filed with the Securities and Exchange Commission. Rodman &
Renshaw, LLC served as placement agent in this transaction.
Proceeds from the financing are expected to be used primarily to
fund the Company's ongoing Phase 2 systolic hypertension and heart
failure clinical development programs of alagebrium chloride
(ALT-711), Alteon's lead A.G.E. Crosslink Breaker. About Alteon
Alteon is developing several new classes of drugs that reverse or
slow down diseases of aging and complications of diabetes. These
compounds have an impact on a fundamental pathological process
caused by protein-glucose complexes called Advanced Glycation
End-products (A.G.E.s). The formation and crosslinking of A.G.E.s
lead to a loss of flexibility and function in body tissues, organs
and vessels and have been shown to be a causative factor in many
age-related diseases and diabetic complications. Alteon has created
a library of novel classes of compounds targeting the A.G.E.
Pathway. Alteon's lead compound alagebrium chloride (formerly
ALT-711), the only A.G.E. Crosslink Breaker in advanced human
testing, has demonstrated safety and efficacy in several Phase 2
trials and is actively being developed for systolic hypertension
and heart failure. Ongoing clinical trials include SPECTRA
(Systolic Pressure Efficacy and Safety Trial of Alagebrium) and
PEDESTAL (Patients with Impaired Ejection Fraction and Diastolic
Dysfunction: Efficacy and Safety Trial of Alagebrium). For more
information on Alteon, visit the company's website at
http://www.alteon.com/. Any statements contained in this press
release that relate to future plans, events or performance are
forward-looking statements that involve risks and uncertainties
including, but not limited to, those relating to technology and
product development (including the possibility that early clinical
trial results may not be predictive of results that will be
obtained in large-scale testing or that any clinical trials will
not demonstrate sufficient safety and efficacy to obtain requisite
approvals or will not result in marketable products), regulatory
approval processes, intellectual property rights and litigation,
competitive products, ability to obtain financing, and other risks
identified in Alteon's filings with the Securities and Exchange
Commission. The information contained in this press release is
accurate as of the date indicated. Actual results, events or
performance may differ materially. Alteon undertakes no obligation
to publicly release the result of any revision to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. DATASOURCE: Alteon Inc. CONTACT: Susan M.
Pietropaolo, Director, Corporate Communications & Investor
Relations of Alteon Inc., +1-201-934-5000 Web site:
http://www.alteon.com/
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