Bioenvision Receives $7.4 Million in Warrant Exercises by Perseus-Soros Biopharmaceutical Fund & SCO Capital
07 Mai 2007 - 1:02PM
Business Wire
Bioenvision, Inc. (Nasdaq: BIVN) announced today that it has
received an aggregate of $7.4 million as a result of the exercise
by existing company investors of previously issued warrants.
Perseus-Soros Biopharmaceutical Fund, L.P. exercised warrants to
purchase 3,000,000 shares of Bioenvision common stock at a purchase
price of $2.00 per share and SCO Capital and its affiliates
exercised warrants to purchase an aggregate of 938,333 shares of
our common stock at a purchase price of $1.50 per share. The
warrants were issued originally in a private placement of common
stock and warrants in May 2002 and have been exercisable since that
date. The warrants would have expired on May 7, 2007 if not
exercised. As a result of the exercise of the warrants, Bioenvision
received net cash proceeds of $7.4 million. �We are delighted with
the progress Bioenvision has made, especially in connection with
the clofarabine franchise, and anticipate a strong future for their
lead drug,� said Dennis Purcell, managing director of Perseus-Soros
Biopharmaceutical Fund. �We remain confident in the drug�s
significant commercial and therapeutic potential,� said Steven H.
Rouhandeh, chairman of SCO Capital. �We view the exercise of these
warrants as a vote of confidence in the Company�s execution
capabilities and substantial future prospects. The $7.4 million in
proceeds from this transaction strengthens Bioenvision�s balance
sheet and provides additional liquidity that will support our
strategy to build shareholder value through, among other things,
our ongoing clinical development programs for Evoltra�
(clofarabine),� said Christopher B. Wood, M.D., Bioenvision�s
chairman and chief executive officer. Bioenvision filed for a label
extension of Evoltra� with the European Medicines Agency (EMEA)
into the adult acute myeloid leukemia (AML) market in February
2007. Evoltra� is currently approved in Europe for the treatment of
acute lymphoblastic leukemia (ALL) in pediatric patients who have
relapsed or are refractory to at least two prior treatment
regimens. Clofarabine is also in clinical development for the
treatment of other hematological cancers and solid tumors.
Bioenvision is conducting tests of Evoltra� in psoriasis and plans
to investigate its potential in autoimmune diseases. The shares of
common stock issued upon exercise of the warrants have been
registered for resale by the holders pursuant to a currently
effective registration statement filed by the Company with the
Securities and Exchange Commission. For additional information,
please refer to Bioenvision�s Current Report on Form 8-K to be
filed by the Company with the Securities and Exchange Commission
with respect to this transaction. About Bioenvision Bioenvision's
primary focus is the acquisition, development and marketing of
compounds and technologies for the treatment of cancer. Bioenvision
has a broad pipeline of products for the treatment of cancer,
including: Evoltra�, Modrenal� (for which Bioenvision has obtained
regulatory approval for marketing in the United Kingdom for the
treatment of post-menopausal breast cancer following relapse to
initial hormone therapy), and other products. Bioenvision is also
developing Suvus� which is currently in clinical development for
refractory chronic hepatitis C infection. For more information on
Bioenvision please visit our website at www.bioenvision.com.
Certain statements contained herein are "forward-looking"
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995). Because these statements include
risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
Specifically, factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include, but are not limited to: risks associated with
preclinical and clinical developments in the biopharmaceutical
industry in general and in Bioenvision's compounds under
development in particular; the potential failure of Bioenvision's
compounds under development to prove safe and effective for
treatment of disease; uncertainties inherent in the early stage of
Bioenvision's compounds under development; failure to successfully
implement or complete clinical trials; failure to receive marketing
clearance from regulatory agencies for our compounds under
development; acquisitions, divestitures, mergers, licenses or
strategic initiatives that change Bioenvision's business, structure
or projections; the development of competing products;
uncertainties related to Bioenvision's dependence on third parties
and partners; and those risks described in Bioenvision's filings
with the SEC. Bioenvision disclaims any obligation to update these
forward-looking statements.
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