Co-placement agent
October 20 2005 - 10:37AM
RNS Non-Regulatory
Griffin Group PLC
20 October 2005
20 October 2005
TIDM: GFF
Griffin Group plc
("Griffin" or "the Company")
Hana Biosciences Announces $14.7 Million Private Placement
Griffin acts as Co-placement agent
Griffin Group plc announces that its wholly owned subsidiary, Griffin Securities
Inc., has acted as co-placement agent in a US$14.7 million Private Placement for
Hana Biosciences Inc. (AMEX: HBX), a South San Francisco-based biopharmaceutical
company focused on advancing cancer care.
Hana Biosciences released the following statement to the American Stock Exchange
yesterday, 19 October 2005.
Enquiries:
Stephen Dean, Chairman, Griffin Group Tel: 00 34 605 282211
Adrian Stecyk, Chief Executive, Griffin Group Tel: 001 212 509 9500
Justine Howarth, Parkgreen Communications Tel: +44 (0) 20 7493 3713
HANA BIOSCIENCES ANNOUNCES $14.7 MILLION PRIVATE PLACEMENT
South San Francisco, CA (October 19, 2005) - Hana Biosciences, Inc. (AMEX: HBX),
a South San Francisco-based biopharmaceutical company focused on advancing
cancer care, announced today that it has received commitments led by several
institutional investors to purchase approximately 3.7 million shares of Hana's
common stock at a price of $4.00 per share, resulting in aggregate gross
proceeds of approximately $14.7 million. The investors will also receive
warrants to purchase an additional 737 thousand common shares. The transaction
is subject to certain customary closing conditions and is expected to close by
October 21, 2005.
Oppenheimer & Co., Inc. served as the lead placement agent, with Griffin
Securities acting as co-placement agent. Current and new investors include
ProMed Management, Lehman Brothers, Pogue Capital Management, Perceptive Life
Sciences Fund, Atlas Equity, Mosaix Ventures, Coqui Capital, and Panacea Asset
Management. The shares and warrants will be issued in a private placement under
Regulation D of the Securities Act of 1933, as amended. The Company has
committed to prepare and file a registration statement covering the resale of
the common stock purchased by these investors within 30 days of closing and will
use its best efforts to obtain effectiveness no later than 90 days after
closing.
"Completing this financing with some of the highest-quality investors in the
biotechnology sector underscores the significant potential of our clinical stage
oncology pipeline" stated Mark Ahn, Ph.D., President and CEO of Hana
Biosciences. "This financing allows Hana to continue to aggressively move its
product candidates forward and build value for both patients and shareholders."
Hana has three clinical stage products in development, Talotrexin (PT-523),
ZensanaTM (ondansetron oral spray), and IPdR.
* Talotrexin (PT-523) is in Phase I trial in solid tumors, Phase I/II in NSCLC
(non-small cell lung cancer), and Phase I/II in ALL (acute lymphocytic
leukemia). Phase II trials in cervical, endometrial, ovarian cancers are
forthcoming.
* ZensanaTM (ondansetron oral spray) is commencing pivotal clinical
trials in the fourth quarter of 2005 under a 505(b)(2) registration, with a
targeted NDA submission in 2006 and potential US launch in 2007.
* IPdR is initially being developed in a Phase I clinical trial for
the treatment of colorectal, gastric, liver, and pancreatic cancers. In
addition, a Phase I/II clinical trial in glioblastoma multiforme, a type of
brain cancer, will commence shortly.
About Hana Biosciences
Hana Biosciences, Inc. (AMEX: HBX) is a South San Francisco, CA-based
biopharmaceutical company that acquires, develops, and commercializes innovative
products to advance cancer care. The company is committed to creating value by
building a world-class team, accelerating the development of lead product
candidates, expanding its pipeline by being the alliance partner of choice, and
nurturing a unique company culture. Additional information on Hana Biosciences
can be found at www.hanabiosciences.com.
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties that could cause Hana's actual results to differ materially
from the anticipated results and expectations expressed in these forward-looking
statements. These statements are based on current expectations, forecasts and
assumptions that are subject to risks and uncertainties, which could cause
actual outcomes and results to differ materially from these statements. Among
other things, there can be no assurances that any of Hana's development efforts
relating to its product candidates will be successful. Other risks that may
affect forward-looking information contained in this press release include the
possibility of being unable to obtain regulatory approval of Hana's product
candidates, the risk that the results of clinical trials may not support Hana's
claims, Hana's reliance on third party researchers to develop its product
candidates and its lack of experience in developing pharmaceutical products.
Additional risks are described in the company's Annual Report on Form 10-KSB for
the year ended December 31, 2004. Hana assumes no obligation to update these
forward-looking statements, except as required by law.
This information is provided by RNS
The company news service from the London Stock Exchange
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