Post A Reply
my profile
login
|
register
|
search
|
faq
|
forum home
»
Allstocks.com's Bulletin Board
»
.11 and Up!
»
NRGX Gene therapy
» Post A Reply
Post A Reply
Login Name:
Password:
Message Icon:
Message:
HTML is enabled.
UBB Code™ is enabled.
[QUOTE]Originally posted by BooDog: [QB] News for 'NRGX' - (Neurologix Completes $15 Million Private Placement) FORT LEE, N.J., Nov 26, 2007 (BUSINESS WIRE) -- Neurologix, Inc. (OTCBB:NRGX), a biotech company engaged in the research and development of innovative gene therapies for the brain and central nervous system, announced today that it completed a private placement of $15 million of its newly created Series D Convertible Preferred Stock (the "Series D Stock") at a price of $35.00 per share. Each share of Series D Stock is convertible into approximately 30.17 shares of common stock. The purchasers in the transaction include previous investor, General Electric Pension Trust, and new investor, Corriente Master Fund, LP. In addition, the Company issued warrants to purchase approximately 3,232,758 shares of its common stock at an exercise price of $1.39 per share. Holders of shares of the Company's Series C Preferred Stock (the "Series C Stock"), who participated in this transaction, had their shares automatically converted into shares of Series D Stock and additional shares of Series C Stock. The proceeds from the transaction, net of expenses, will be used to finance its Phase II clinical trial for the treatment of Parkinson's disease, its Phase I clinical trial for the treatment of epilepsy, and for corporate purposes. "We are pleased that these elite financial institutions have chosen to invest in Neurologix as we advance the development of our novel gene transfer approach to the treatment of serious central nervous system disorders," said John Mordock, Neurologix President and Chief Executive Officer. "This is the latest in a series of important milestones the Company has achieved in 2007, which also included the publication of results from our Parkinson's disease Phase I clinical study in two leading peer-reviewed medical and scientific journals: The Lancet and Proceedings of the National Academy of Sciences. The proceeds of this financing will enable us to advance our acknowledged approach by supporting the completion of a Phase 2 study in the treatment of Parkinson's disease and a Phase 1 safety study in epilepsy." Each share of outstanding Series D Stock is entitled to receive a semi-annual cash dividend at an annual rate of seven percent (7%), to be cumulative until paid. The purchasers, among other things, have registration rights and certain anti-dilution protections. The warrants have a term of seven years and are automatically exercised at the end of the term if they are in the money. Additional information regarding the transaction is included in the Company's Current Report on Form 8-K which was filed with the SEC on November 21, 2007. Neither the securities issued in the transactions described above, nor the common stock issuable upon exercise or conversion of such securities, have been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and such securities may not be offered or sold in the United States without an effective registration statement or pursuant to an applicable exemption from the registration requirements of the Securities Act and state securities laws. The securities were offered and sold only to institutional accredited investors. This press release shall neither 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 Neurologix Neurologix, Inc. (OTCBB:NRGX) is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of life-altering gene transfer therapies for serious disorders of the brain and Central Nervous System (CNS). Neurologix's therapeutic approach is built upon the groundbreaking research of its scientific founders and advisors, whose accomplishments have formed the foundation of gene therapy for neurological illnesses. Current company programs address such conditions as Parkinson's disease, epilepsy and Huntington's chorea, all of which are large markets not adequately served by current therapeutic options. Cautionary Statement Regarding Forward-looking Statements This news release includes certain statements of the Company that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements and other information relating to the Company are based upon the beliefs of management and assumptions made by and information currently available to the Company. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance, as well as underlying assumptions and statements that are other than statements of historical fact. When used in this document, the words "expects," "promises," "anticipates," "estimates," "plans," "intends," "projects," "predicts," "believes," "may" or "should," and similar expressions, are intended to identify forward-looking statements. These statements reflect the current view of the Company's management with respect to future events. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, but not limited to, the following: The Company is a development-stage company and has not generated any revenues. From inception through September 30, 2007, it incurred net losses and negative cash flows from operating activities of approximately $26.2 million and $20.3 million, respectively. Management believes that the Company will continue to incur net losses and cash flow deficiencies from operating activities for the foreseeable future. Because it may take years to develop, test and obtain regulatory approval for a gene-based therapy product before it can be sold, the Company likely will continue to incur significant losses for the foreseeable future. Accordingly, it may never be profitable and, if it does become profitable, it may be unable to sustain profitability. -- In addition to the recently completed financing, in order to obtain the regulatory approvals necessary to commercialize its current or future product candidates, from time to time the Company will need to raise funds through public or private equity offerings, debt financings or additional corporate collaboration and licensing arrangements. Availability of financing depends upon a number of factors beyond the Company's control, including market conditions and interest rates. The Company does not know whether additional financing will be available when needed, or if available, will be on acceptable or favorable terms to it or its stockholders. -- The Company will need to conduct future clinical trials for treatment of Parkinson's disease using the Company's NLX technology. If the trials prove unsuccessful, future operations and the potential for profitability will be materially adversely affected and the business may not succeed. -- There is no assurance as to when, or if, the Company will be able to successfully receive approval from the FDA on its Investigational New Drug Application to commence a Phase I safety trial for the treatment of epilepsy. Other factors and assumptions not identified above could also cause the actual results to differ materially from those set forth in the forward-looking statements. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the section entitled "Risk Factors" in the Company's 2006 Annual Report on Form 10-KSB. Although the Company believes these assumptions are reasonable, no assurance can be given that they will prove correct. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results. Further, the Company undertakes no obligation to update forward-looking statements after the date they are made or to conform the statements to actual results or changes in the Company's expectations. SOURCE: Neurologix, Inc. CONTACT: Neurologix, Inc.Marc Panoff, 201-592-6451Chief Financial Officer, Treasurer and Secretarymarcpanoff*neurologix.netorKureczka/Martin AssociatesJoan Kureczka, 415-821-2413jkureczka*comcast.net [/QB][/QUOTE]
Instant Graemlins
Instant UBB Code™
What is UBB Code™?
Options
Disable Graemlins in this post.
*** Click here to review this topic. ***
Contact Us
|
Allstocks.com Message Board Home
© 1997 - 2021 Allstocks.com. All rights reserved.
Powered by
Infopop Corporation
UBB.classic™ 6.7.2