Halozyme Therapeutics Announces $32.1 Million Private Financing
April 24 2007 - 9:00AM
PR Newswire (US)
SAN DIEGO, April 24 /PRNewswire-FirstCall/ -- Halozyme
Therapeutics, Inc. (AMEX:HTI), a biopharmaceutical company
developing and commercializing recombinant human enzymes, today
announced that it has entered into a definitive stock purchase
agreement with New River Management V, LP ("New River") for a $32.1
million private placement of newly issued shares of Halozyme common
stock. The financing is subject to customary closing conditions,
including the receipt of anti-trust clearance, and is not subject
to shareholder approval. Upon the satisfaction of the closing
conditions, Halozyme will issue 3,500,000 shares of common stock to
New River at a price of $9.17 per share. This sale price represents
a $0.22 per share premium to the closing price of Halozyme common
stock on the date that the parties executed the definitive stock
purchase agreement relating to the sale of the shares. New River is
a private investment fund affiliated with Halozyme's largest
stockholder, Randal J. Kirk. Halozyme's Board of Directors
specifically approved the sale of shares to New River, and the
increase in Mr. Kirk's beneficial ownership is not expected to
trigger the anti-takeover provisions of Halozyme's existing
Stockholder Rights Plan. The shares of common stock to be sold in
the private placement will not be immediately registered under the
Securities Act of 1933, as amended, or state securities laws and
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission (SEC) or an applicable
exemption from the registration requirements. The shares will only
be offered and sold to New River, which is an accredited investor
pursuant to the rules and regulations of the SEC. The Company has
agreed to file a registration statement with the SEC on or before
November 1, 2007 covering the resale of the shares of common stock
to be issued in this private placement. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy any of these securities nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. About Halozyme Therapeutics, Inc. Halozyme is a
biopharmaceutical company developing and commercializing
recombinant human enzymes for the drug delivery, palliative care,
oncology, and infertility markets. The company's portfolio of
products is based on intellectual property covering the family of
human enzymes known as hyaluronidases. The company's Enhanze(TM)
Technology is a novel drug delivery platform designed to increase
the absorption and dispersion of biologics. In addition, the
company has received FDA approval for two products: Cumulase(R) and
Hylenex, for use as an adjuvant to increase the absorption and
dispersion of other injected drugs and fluids. The Company also has
a number of different enzymes in its portfolio that are targeting
significant areas of unmet need. Safe Harbor Statement In addition
to historical information, the statements set forth above include
forward-looking statements (including, without limitation,
statements concerning the anticipated closing of the transaction as
well as the impact of the transaction on the company's stockholder
rights plan) that involve risk and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. The forward-looking statements are also
identified through use of the words "believe," "enable," "may,"
"will," "could," "intends," "estimate," "anticipate," "plan,"
"predict," "probable," "potential," "possible," "should,"
"continue," and other words of similar meaning. Actual results
could differ materially from the expectations contained in
forward-looking statements as a result of several factors,
including regulatory approval requirements and competitive
conditions. These and other factors that may result in differences
are discussed in greater detail in the company's reports on Forms
10-K, 10-Q, and other filings with the Securities and Exchange
Commission. Halozyme Contact Investor Relations Contact David A.
Ramsay Don Markley Chief Financial Officer Lippert/Heilshorn &
Associates (858) 794-8881 (310) 691-7100 Media Contacts Megan
Swanland Riggs / Joleen Schultz Mentus (858) 455-5500, x230/x215
DATASOURCE: Halozyme Therapeutics, Inc. CONTACT: David A. Ramsay,
Chief Financial Officer of Halozyme Therapeutics, Inc.,
+1-858-794-8881, ; or Investor Relations, Don Markley of
Lippert/Heilshorn & Associates, +1-310-691-7100, , for Halozyme
Therapeutics, Inc.; or Media, Megan Swanland Riggs, ext. 230, , or
Joleen Schultz, ext. 215, , both of Mentus, +1-858-455-5500, for
Halozyme Therapeutics, Inc.
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