Allos Therapeutics, Inc. (MM) (NASDAQ:ALTH)
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Allos Therapeutics, Inc. (Nasdaq:ALTH) announced the pricing of an
underwritten public offering of 10,800,000 shares of newly issued common
stock at a public offering price of $5.64 per share. The closing of the
offering is expected to take place on May 29, 2008, subject to the
satisfaction of customary closing conditions. The Company has granted
the underwriters a 30-day option to purchase an additional 1,620,000
shares of common stock from the Company to cover overallotments, if any.
The Company expects to receive net proceeds from the offering of
approximately $56.6 million, after deducting underwriting commissions
and estimated offering expenses. The Company plans to use the net
proceeds from the financing primarily for clinical and preclinical
research and development of its product candidates, manufacture of
clinical trial material and pre-commercial scale-up activities for PDX,
working capital and general corporate purposes.
Merrill Lynch & Co. is acting as sole bookrunner for this offering. Banc
of America Securities LLC and Citigroup Global Markets Inc. are acting
as co-lead managers. Information about the offering is available in the
prospectus supplement filed with the Securities and Exchange Commission.
Copies of the prospectus supplement may be obtained from Merrill Lynch &
Co., by mail at Merrill Lynch's prospectus department at 4 World
Financial Center, New York, NY 10080.
A registration statement relating to these shares was declared effective
by the Securities and Exchange Commission on June 5, 2007. Any offer or
sale will be made only by means of a written prospectus supplement
forming part of the effective registration statement. This press release
does not and shall not constitute an offer to sell or the solicitation
of an offer to buy the Company's common stock, nor shall there be any
sale of the common stock 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 state.
About Allos Therapeutics, Inc.
Allos Therapeutics is a biopharmaceutical company focused on developing
and commercializing small molecule therapeutics for the treatment of
cancer. The Company's lead product candidate, PDX (pralatrexate), is a
novel antifolate currently under evaluation in a pivotal Phase 2
(PROPEL) trial in patients with relapsed or refractory peripheral T-cell
lymphoma. The PROPEL trial is being conducted under an agreement reached
with the U.S. Food and Drug Administration under its special protocol
assessment, or SPA, process. The Company is also investigating PDX in
patients with non-small cell lung cancer and a range of lymphoma
sub-types. The Company's other product candidate is RH1, a targeted
chemotherapeutic agent currently being evaluated in a Phase 1 trial in
patients with advanced solid tumors or non-Hodgkin’s
lymphoma (NHL). For additional information, please visit the Company’s
website at www.allos.com.
Safe Harbor Statement
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include
statements concerning the completion of the proposed financing, the
potential to complete our ongoing development programs with the proceeds
of the financing, and other statements which are other than statements
of historical facts. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should," "expects,"
"intends," "plans," anticipates," "believes," "estimates," "predicts,"
"projects," "potential," "continue," and other similar terminology or
the negative of these terms, but their absence does not mean that a
particular statement is not forward-looking. Such forward-looking
statements are not guarantees of future performance and are subject to
risks and uncertainties that may cause actual results to differ
materially from those anticipated by the forward-looking statements.
These risks and uncertainties include, among others: the risk that the
financing may be delayed or may not occur due to market or other
conditions and the risk that additional capital may be required in the
future to complete on-going trials. Additional information concerning
these and other factors that may cause actual results to differ
materially from those anticipated in the forward-looking statements is
contained in the "Risk Factors" section of the Company's Annual Report
on Form 10-K for the year ended December 31, 2007, the Company's other
periodic reports and filings with the SEC and the prospectus supplement
related to the proposed offering. The Company cautions investors not to
place undue reliance on the forward-looking statements contained in this
press release. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the Company
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of this
presentation, except as required by law.