Hana Biosciences (AMEX:HBX)
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Hana Biosciences Inc. (AMEX: HBX), a South San
Francisco-based biopharmaceutical company focused on advancing cancer
care, announced today that it has completed its previously announced
private placement. The company had previously announced on Oct. 19,
2005, that it had entered into a definitive agreement relating to the
private placement.
Oppenheimer & Co. Inc. served as the lead placement agent, with
Griffin Securities acting as co-placement agent. Current and new
investors include Lehman Brothers, ProMed Management, Perceptive Life
Sciences Fund, Pogue Capital Management, Atlas Equity, Mosaix
Ventures, Coqui Capital and Panacea Asset Management. The shares and
warrants were issued in a private placement under Regulation D of the
Securities Act of 1933, as amended. The company has agreed to prepare
and file a registration statement covering the resale of the common
stock purchased by these investors within 30 days of closing and will
use its best efforts to obtain effectiveness no later than 90 days
after closing.
Hana has three clinical stage products in development: Talotrexin
(PT-523), Zensana(TM) (ondansetron oral spray), and IPdR.
-- Talotrexin (PT-523) is in Phase I trial in solid tumors, Phase
I/II in NSCLC (non-small cell lung cancer), and Phase I/II in
ALL (acute lymphocytic leukemia). Phase II trials in cervical,
endometrial, and ovarian cancers are forthcoming.
-- Zensana(TM) (ondansetron oral spray) is commencing pivotal
clinical trials in the fourth quarter of 2005 under a
505(b)(2) registration, with a targeted NDA submission in 2006
and potential U.S. launch in 2007.
-- IPdR is initially being developed in a Phase I clinical trial
for the treatment of colorectal, gastric, liver and pancreatic
cancers. In addition, a Phase I/II clinical trial in
glioblastoma multiforme, a type of brain cancer, will commence
shortly.
About Hana Biosciences
Hana Biosciences Inc. is a South San Francisco, Calif.-based
biopharmaceutical company that acquires, develops and commercializes
innovative products to advance cancer care. The company is committed
to creating value by building a world-class team, accelerating the
development of lead product candidates, expanding its pipeline by
being the alliance partner of choice, and nurturing a unique company
culture. Additional information on Hana Biosciences can be found at
www.hanabiosciences.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties that could cause Hana's
actual results to differ materially from the anticipated results and
expectations expressed in these forward-looking statements. These
statements are based on current expectations, forecasts and
assumptions that are subject to risks and uncertainties, which could
cause actual outcomes and results to differ materially from these
statements. Among other things, there can be no assurances that any of
Hana's development efforts relating to its product candidates will be
successful. Other risks that may affect forward-looking information
contained in this press release include the possibility of being
unable to obtain regulatory approval of Hana's product candidates, the
risk that the results of clinical trials may not support Hana's
claims, Hana's reliance on third-party researchers to develop its
product candidates, and its lack of experience in developing
pharmaceutical products. Additional risks are described in the
company's Annual Report on Form 10-KSB for the year ended Dec. 31,
2004. Hana assumes no obligation to update these forward-looking
statements, except as required by law.