SAN DIEGO, May 14, 2012 /PRNewswire/ -- Marshall
Edwards, Inc. (Nasdaq: MSHL), an oncology company focused on the
clinical development of novel therapeutics targeting cancer
metabolism, announced today the completion of its previously
announced rights offering to stockholders, which expired on
Friday, May 11, 2012.
Results indicate that stockholders exercised subscription rights
to purchase 11.7 million Units in the offering. Accordingly, the
Company will issue 5.8 million shares of common stock and warrants
to purchase 2.9 million shares of common stock. Gross proceeds from
the offering were $5.2 million,
before deducting fees and expenses.
"I would like to express my appreciation to our shareholders for
their continued support," said Daniel P.
Gold, Ph.D., President and Chief Executive Officer of
Marshall Edwards. "The proceeds from
this offering will enable us to advance our two lead oncology drug
candidates, ME-143 and ME-344, through key clinical milestones as
we prepare for the next phase of development."
Pursuant to the rights offering, stockholders of record as of
March 30, 2012 received one
subscription right for each share of common stock owned. Each
subscription right entitled the holder to purchase one Unit, which
consisted of 0.5 shares of the Company's common stock and a warrant
to purchase 0.25 shares of the Company's common stock. Holders of
the Company's outstanding Series A warrants also received one
subscription right for each share of common stock issuable pursuant
to such warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Marshall Edwards, Inc. nor shall there be any
sale of securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction. A copy of the prospectus for the rights offering may
be obtained by contacting the Company's investor relations
department at investor@marshalledwardsinc.com or (858)
369-7199.
About Marshall Edwards
Marshall Edwards, Inc. (Nasdaq:
MSHL) is a San Diego-based
oncology company focused on the clinical development of novel
therapeutics targeting cancer metabolism. The Company's lead drug
candidates, ME-143 and ME-344, have been shown in laboratory
studies to interact with specific enzyme targets resulting in
inhibition of tumor cell metabolism, a function critical for cancer
cell survival. Marshall Edwards
initiated a Phase I clinical trial of intravenous ME-143 in
patients with solid refractory tumors in September 2011 and plans to present safety and
pharmacokinetic data from the trial at the American Society of
Clinical Oncology Annual Meeting in June
2012. The Company received approval of its Investigational
New Drug application for ME-344 in April
2012 and initiated a Phase I clinical trial of intravenous
ME-344 in patients with solid refractory tumors shortly thereafter.
For more information, please visit www.marshalledwardsinc.com.
Under U.S. law, a new drug cannot be marketed until it has
been investigated in clinical trials and approved by the FDA as
being safe and effective for the intended use. Statements included
in this press release that are not historical in nature are
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. You should be aware that our actual results could differ
materially from those contained in the forward-looking statements,
which are based on management's current expectations and are
subject to a number of risks and uncertainties, including, but not
limited to, our failure to successfully commercialize our product
candidates; costs and delays in the development and/or FDA
approval, or the failure to obtain such approval, of our product
candidates; uncertainties or differences in interpretation in
clinical trial results; our inability to maintain or enter into,
and the risks resulting from our dependence upon, collaboration or
contractual arrangements necessary for the development,
manufacture, commercialization, marketing, sales and distribution
of any products; competitive factors; our inability to protect our
patents or proprietary rights and obtain necessary rights to third
party patents and intellectual property to operate our business;
our inability to operate our business without infringing the
patents and proprietary rights of others; general economic
conditions; the failure of any products to gain market acceptance;
our inability to obtain any additional required financing;
technological changes; government regulation; changes in industry
practice; and one-time events. We do not intend to update any of
these factors or to publicly announce the results of any revisions
to these forward-looking statements.
SOURCE Marshall Edwards, Inc.
