Pharmacopeia Announces Pricing of Public Offering of Common Stock
02 Mayo 2007 - 7:30AM
PR Newswire (US)
PRINCETON, N.J., May 2 /PRNewswire-FirstCall/ -- Pharmacopeia
(NASDAQ: PCOP), an innovator in the discovery and development of
novel small molecule therapeutics, today announced the pricing of
its underwritten public offering of 7,000,000 million shares of its
common stock at a public offering price of $5.00 per share, before
underwriting discounts and commissions. The offering is expected to
close on May 4, 2007, subject to customary closing conditions.
Pharmacopeia has granted the underwriters a 30-day option to
purchase up to an additional 1,050,000 shares of common stock to
cover over-allotments, if any. All of the shares are being offered
by Pharmacopeia. Pharmacopeia expects the net proceeds from the
offering to be approximately $32.2 million. Pharmacopeia intends to
use the net proceeds from the offering for expenditures related to
clinical trials for its PS433540 product candidate, the further
development of its internal program portfolio and for general
corporate purposes. CIBC World Markets Corp. is acting as the sole
book-running manager in this offering, with Canaccord Adams and
Merriman Curhan Ford & Co. acting as co-managers. A shelf
registration statement relating to these securities has been filed
with, and declared effective by, the Securities and Exchange
Commission on April 9, 2007. Sales of shares pursuant to this
offering may be made only by means of the final prospectus
supplement and related prospectus, copies of which can be obtained
from CIBC World Markets Corp. by phone at 212-667-7200 or
866-895-5637, by email at , by fax at 212-667- 6303, or by mail at
CIBC World Markets Corp., attn: USE Prospectus Department, 9th
floor, 425 Lexington Avenue, New York, NY. This press release shall
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
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. ABOUT PHARMACOPEIA
Pharmacopeia is committed to discovering and developing novel
therapeutics to address significant medical needs. The Company has
a broad portfolio advancing toward clinical validation, both
independently and with partners. Pharmacopeia's most advanced
internal program is a dual-acting angiotensin and endothelin
receptor antagonist (DARA) for hypertension and diabetic kidney
disease for which Phase 1 clinical trials are underway. Other
internal proprietary programs address primarily immunoregulation.
Pharmacopeia's collaborative efforts have resulted in a portfolio
that includes one partnered program currently in Phase 2 clinical
trials targeting chronic obstructive pulmonary disease (COPD) and
four partnered programs in Phase 1 clinical trials targeting
rheumatoid arthritis, oncology, metabolic and inflammatory
diseases. Four additional partnered compounds are in preclinical
development. Pharmacopeia's current strategic partnerships are with
Cephalon, GlaxoSmithKline, Organon and Wyeth. Contact: Brian M.
Posner Executive Vice President and Chief Financial Officer
Pharmacopeia (609) 452-3643 This press release, and oral statements
made with respect to information contained in this press release,
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include those which express plan,
anticipation, intent, goal, contingency or future development
and/or otherwise are not statements of historical fact. These
statements are based upon management's current expectations and are
subject to risks and uncertainties, known and unknown, which could
cause actual results and developments to differ materially from
those expressed or implied in such statements. These forward-
looking statements include, but are not limited to, statements
about the successful implementation of Pharmacopeia's strategic
plans, Pharmacopeia's plans to develop PS433540, a product
candidate from its DARA program, Pharmacopeia's Phase 1 clinical
studies and proposed Phase 2 clinical studies with respect to
PS433540, including timing and expected outcomes of such studies,
Pharmacopeia's estimates of the market opportunities for its
product candidates, including PS433540, Pharmacopeia's ability to
successfully perform under its collaborations with Cephalon,
GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build
its pipeline of novel drug candidates through its own
internally-funded drug discovery programs, third party
collaborations and in-licensing, Pharmacopeia's ability to raise
additional capital, Pharmacopeia's expectations concerning the
development priorities of its collaborators, their ability to
successfully develop compounds and its receipt of milestones and
royalties from the collaborations, Pharmacopeia's anticipated
operating results, financial condition, liquidity and capital
resources, Pharmacopeia's expectations concerning the legal
protections afforded by U.S. and international patent law,
Pharmacopeia's ability to pursue the development of new compounds
and other business matters without infringing the patent rights of
others, additional competition, and changes in economic conditions.
Further information about these and other relevant risks and
uncertainties may be found in Pharmacopeia's Reports on Form 8-K,
10-Q and 10-K filed with the U.S. Securities and Exchange
Commission. Pharmacopeia urges you to carefully review and consider
the disclosures found in its filings which are available in the SEC
EDGAR database at http://www.sec.gov/ and from Pharmacopeia at
http://www.pharmacopeia.com/. All forward-looking statements in
this press release and oral statements made with respect to
information contained in this press release are qualified entirely
by the cautionary statements included in this press release and
such filings. These risks and uncertainties could cause actual
results to differ materially from results expressed or implied by
such forward-looking statements. These forward-looking statements
speak only as of the date of this press release. Pharmacopeia
undertakes no obligation to (and expressly disclaims any such
obligation to) publicly update or revise the statements made herein
or the risk factors that may relate thereto whether as a result of
new information, future events, or otherwise. DATASOURCE:
Pharmacopeia CONTACT: Brian M. Posner, EVP and CFO, Pharmacopeia,
+1-609-452-3643, Web site: http://www.pharmacopeia.com/
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